I don't wear anything that has a combined weight of over 7.5 due to the negative effect it has on your run speed. Depending on whether or not your bow is heirloomed and what level you are can effect what I would recommend.
Most of the time being that I prefer to use the warbow, and only have it heirloomed once, I normally never wear anything heavier than the Leather Jerkin with Khergit Leather Boots. The amount of armor you wear does effect your draw speed. So if I am going up against large amounts of other archers I will even drop the Leather Jerkin for a Red Tunic just so I can have a slightly faster drawspeed.
However, I've seen other archers using heirloomed Strong bows who are able to wear medium heavy armor yet fire just as quickly as I can using my setup. So if this is the case and you are using a heirloomed Strong Bow then you can obviously wear something slightly heavier if you like. However, this will effect your run speed.
Pretty much in the end it doesn't matter what you wear as long as it doesn't exceed 7.5 weight when all combined together as this once again effects your run speed. So just experiment around with different light armor you prefer and see what you like. As an archer you will always have plenty of money anyway to buy any light armor you want to try out.