Some time ago I tried to do that, but with little success. Not knowing anything about hex editing, I read everything I could find about the subject, as well as dagger hacking and modding.
I found out that there are a couple of problems: the first (if I understood well) is that you can't add object to the FALL.EXE, you can only change an existing one, and probably one of the same category (armor, weapon and so on); second, leather and chain simply ignore metal, color and protection bonus parameters, only the plate takes the relative bytes into consideration.
Obviously, that's a problem if you're trying to make mods with a hex editor, not if you're rewriting the game from scratch (they're doing that here, right?)...
