There currently is no point to Plate Armor. A step further, all metal armor is worse than leather.
In fact, there are far more arguments AGAINST ever wearing metal or making a Smith than wearing leather and leveling a Tailor.
But let us put theory aside and look at substance.
I have (approaching) Legendary Smiths and Tailors (shard dependent on where they are at in the process).
-Plate is HARDER to Imbue, just did some this week-end (FEB, 2010).
-Colored metals are more random and therefore harder to acquire than the various types of leather.
-There is currently NO difference on Armament verse Armor coded into UO. There was. There may be in the future. There is not now.
-Only Samurai Plate (Exceptional) allows for meditation. Leathers depend on WHAT item you are making, not the material is made from. Why not make Shadow-Iron “medable”? You are protected by Shadows…oo oo o oo.
-Mining takes longer than hide gathering. Simple fact based on GM+ crafters on 5 shards.
-Smithing requires a forge and anvil. Leather crafting required you to carry a 1 pound sewing kit.
-Leather can be dyed. Metal cannot. (yea, yea…Tokuno dyes. Costly, rare, one time use items.)
-Metal armor pieces are pound for pound slightly heavier I think. (Not sure about this one.)
-Ingots purchased from a vender cost more than leather AT THE BASE level.
-Harvesting leather can and does yield more items than harvesting ore. Dragons drop loot of greater quality and quantity than even a Valorite elemental. (I killed a few of each this week-end. (FEB , 2010)
-So my advice, given the current environment, is to forget blacksmithing. Forget the beauty of playing a knight in shining armor or the allure of a spiffy looking chain tunic and legs augmented and accented by some plate. Throw away the concept of Arms verse Armament verse Arms.
Go get an Imbued to the teeth Cloth Ninja hood with a set of spined leather armor and have at the Dragon. Probably won’t even need a shield if you have a straight 70s suit.
Lastly, don’t even mention tactics.
In conclusion, I have spoken at greater length about this issue and shall retain my passion for it even if UO fails to represent.