I have fully loomed everything I use but my boots are still bog-standard.
With the new patch the damage to the legs is something within the range of 53-55% of the actual damage before the armour reduction anyway. On another point, you get leg armour from your body armour as well.
With my current armour, I get 10 from my body armour and 19 from the boots, that's 29, while my body armour is at 27+9=36 with only a damage percentage of 67. In effect, i've got about the same amount of leg armour, without looming my boots and having cheap ones (Rus Cav Boots) as I do with my fully loomed gloves and armour.
Personally, I don't believe it's particularly worth it due to the fact that your lower body is deemed less important than say, your spleen. I would, if you can really be bothered to get a fully loomed set of equipment, leg armour is only really worth it for cavalry, who are more than likely going to get their legs amputated at least once a map.
Leg armour for Rus Cav Boots would increase the armour from 19 to 23 (+1, +1, +2 afaik) a nice increase but fairly pointless for someone who tends not to get hit in the legs.