Accurate yes/no, depends which era are you exactly talking about and the make. Not as in crpg, of course, but neither is headshot archery nor throwing (your axe always ends up with the sharp bit in? really?). Damaging, yes, quite, but armour gave more protection then it does in crpg (especially for the head), but same goes for just about any weapon, from bows, throwing stuff (you throw a spear and it penetrates plate, aha), and such.
Would not mind realistic armour overall (and realistic ranged), but infantry mechanics could also use some work in the case, like epileptic seizures to mess up hitbox, and in general the maneuver. Also cut weapons would be drastically affected by realistic armour (and it'd end up with removing plate for sake of balance since it completely changes mechanics... like it did, really). Meh. Mod would need a theme in that case, since grouping armours and weapons from 500 years is a bit silly.
Would be an entirely new mod. Probably fun to play, though.
Anyway, this belongs in the spam realism section.