Well let's be honest; what you're proposing entails that your main goal is for a ranger bow to become the beast it used to be, which is why the nerf happened in the first place.
I am perfectly content with a medium between the two "overpowered" and "underpowered" aspects but damage changes in any form, either through base damage or changing how something penetrates armour, is at best a tedious process that requires testing and I just don't see something like that happening this world.
I am by no means negating your idea and brushing it off without further thought, but between the new LP system already implemented and the dev's time taken up with Salem or whatever they have been doing lately it seems unlikely that such a change would occur at this time.