OK, rather than try to figure out the misc factors code, I just used WinDbg to watch the value of the factor.
The factor used in the momentum cost equations is a number that is capped to be within the range 1000 to 2000. It is created by taking an output number "X" from a spaghetti code function, adding 500, and multiplying it by 2. Therefore the useful range of X is 0 to 500.
When a human wearing a iron breastplate was being beaten on with an iron warhammer, the value of X was around 90-96. After using DFHack to make the breastplate masterwork quality, the value of X was around 180-210. This is about double, but only corresponds to a 17% increase in the armor's protective value.
IF artifact armor would increase the unknown, random X by three times, then the real protection would only increase by 33%.
My calculator is giving me this for bronze and iron armor:
ARMOR
bronze breastplate
Full contact blunt momentum resist: 557
Contact 10 blunt momentum resist: 21
Unbroken momentum deduction (full,10): 30 1
Volume/contact area/penetration: 257
Weight: 21.2025
shear yield, shear fracture: 172000 241000
ARMOR
iron breastplate
Full contact blunt momentum resist: 836
Contact 10 blunt momentum resist: 32
Unbroken momentum deduction (full,10): 27 1
Volume/contact area/penetration: 257
Weight: 20.1745
shear yield, shear fracture: 155000 310000
So it looks like artifact bronze armor would be weaker than no-quality iron armor. The lower blunt resistance is due to the smaller gap between IMPACT_FRACTURE and IMPACT_YIELD, i.e. bronze is brittle. In fact, copper has slightly better blunt resistance than bronze. Both bronze and iron armors have better shear fractures than copper or silver, so they would still protect against those edged weapons.
In general I would recommend choosing material over choosing quality.
I checked for changes (other than the known sharpness change) to damage when using weapons of differing quality, and found none. A future research topic might be to explore if there is an accuracy/skill bonus to using a quality weapon.