Final solution: 'Buff' ranged!
Make it so wearing any type of medium armor has 0 effect on accuracy or shooting speed.
Light kitting ranged builds will be owned by armored melee ranged builds, since these can survive more arrows.
Melee ranged builds will become more prominent, or at least more capable of killing kitters.
Melee ranged builds will still be inefficient kitters due to armor weight, ranged population should decrease overall.
Basically more armor would mean better archer, but crappier kitter.
Plate armor and such should still reduce accuracy, to avoid overpowering ranged, and armor cost as it is will still keep people in check.
Think about the pros and cons, it might better to have archers who are sligtly better at melee.