I don`t know, is it possible to do via module system, with out engine change but here is my suggestion:
Cut has few meanings, some of them are really differ in case of M&B. I`m speaking about
- slash ( for example axe damage type )
- carve ( for example knife damage type ).
So for now axe with some dmg and for example scimitar (dagger swing etc.) with same dmg will affect armor equally. For example you can see as people with scimitars easily penetrate plated tin cans and that looks weird. But as you can understand they must differ in this affection because of different damage types ( for example scimitar, dagger, nodachi,shashka,katana are faster but thier armor penetration must greatly reduce along with armor points raising in other hand - axes,straight swords are not so fast and thier armor penetration stay as it was.