Tissue thickness is simple a weighted value for how much of the bodypart of made up of that tissue, as you said.
Much more of the combat mechanics will be determined by the tissue material, and what kind of tissue you are using (STRANDS and FEATHER tissues are ignored for most of combat calculations).
Combat in general can be pretty flaky and balancing an armor-like tissue layer right can be kind of a trial and error process. You can make a tissue or armor material that will absorb a portion of
impact damage with these kinds of properties:
[IMPACT_YIELD:100000]
[IMPACT_FRACTURE:100000000]
[IMPACT_STRAIN_AT_YIELD:30000]
These scale fairly will with both tissue layer thickness and armor thickness (I use this for padded armor in my mod).
[IMPACT_YIELD:1505000]
[IMPACT_FRACTURE:2520000]
[IMPACT_STRAIN_AT_YIELD:32500]
And this one I use for lower-quality steel, it will negate blunt force entirely for weaker attacks, and still negate a portion of the damage for stronger attacks.
Edged damage is a bit finicky, and rather unrealistic for the most part. Materials with significantly higher shear values will carve through lower-shear resistance materials with little to no momentum cost. For instance, a steel sword will chew through a thick chunk of copper will fairly little effort at all, which is kind of bollocks.
A way around this is to make a very thin layer with shear values close to the materials its expected to by hit by. Similar materials don't seem to suffer from the lighsaber weirdness. It will convert low impact, edged attacks to blunt damage and will still impede stronger edged attacks.
I made an armor man creature which uses a similar approach, the material I used is similar to steel and the tissue layer is around 3:375 to 8:300 thick proportionally, on a human sized creature. Making it thicker than that quickly turns it into a invincible tank-man.
Edit: Here's a rather helpful thread with some of the actual maths behind it all explained:
http://www.bay12forums.com/smf/index.php?topic=131995.0 its a tad dated, but combat and material fundamentals haven't changed much since.