Ok, so I tested the armours. I'd finished when I found this reddit post by Red-kuutti,
So could have save myself a lot of work. Their numbers agree with mine though so it's not too bad, with the exception of bark armour. There was also a +/- 1 hit variation for each of the armours this appears to be because the animals have
The other consideration is durability, I assume that is what the hp number is about in the editor and I'll find out for sure later. For brevity I'll list the number of wolf hits and the hp of the armours.
The hp follow the same pattern; helmet, legs and boots all the same, then body a bit higher. E.g. bark helmet, legs and boots all have 80 hp and the armour has 120. Ill list them as 80, 120.
Leather 8 hits, 100, 150
Bark 9 hits, 80, 120
Stone 10 hits, 150, 200
Bear 10 hits, 100, 150
Crab 11 hits 100, 150
Iron 12 hits 200, 250
Guardian 14 hits 300, 350
Bear armour makes you run faster, about a second faster over a 30 block run. I haven't noticed if any of the other armours have any special effects. Crab armour doesn't effect either swim speed or breath time.
Iron armour is not difficult to make as long as you can find clay, but if you can't then any of stone, bear or crab (or a mix) depending on resources will do but need repairing more regularly. The upgrade to guardian as and when you gather the mats.