Engineers Hull Boost vs Damage Resistance - what's a fair tradeoff?

So, if you're trying to make your armor more lightweight, you trade off your Hull Boost for Resistance. For example, the Level 3 upgrade offers:

Hull boost: between -5% to -7%

Resistances (kinetic, blast, thermal): between 2% and 8.4% depending on type.

So my question is, once you crunch the numbers does the added resistance make up for the lost hull boost? Can you soak more punishment thanks to those resistances than the actual Hit Points (so to speak) that you lose?
 
If the added resistances are linear where 100% means no damage is taken, I'd go for the resistances. You can also boost resistances by treating hull resistance plating to the same upgrades in addition to getting the hull points that the HRPs normally give you.
 
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