Short answer is yes, AC matters, and yes, you should keep your weight low when possible. You'll definitely notice yourself getting hit more often when soloing. I took more damage from yetis in DL at 44 when overweight than I did at 41 when underweight.
As far as statistics go, it's not as important as Saves or HP, but it definitely matters. AC is most important when soloing, since good AC can really cut your downtime, and low AC does the opposite.
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