So, if your theory is correct, there could be varying degrees of what we call "Light Armor"?
But if that's true, how does the game convert the values used in the sheets and techtrees (0 through 5) into these more diverse values?
Well, as far as the sheets are concerned there are only 6 classes of armor, and you can't have intermediate values. There is a lookup table it uses to convert the numbers into real armor values.
Armor class -> Armor in game
0 0x100 (No)
1 0xB4 (Very Light)
2 0x82 (Light)
3 0x5A (Medium-Light)
4 0x3C (Medium)
5 0x28 (Heavy)
Some notes I took a long time ago. The text strings apply to buildings there, the levels are the same for vehicles.
The only way you could get intermediate armor levels is by directly editing memory (with a DLL or memory editor or whatnot). It's not possible to do it through the sheets (though you may be able to do it from a tech tree UNIT_PROP line, I'm not sure).