I like your idea very much. I also think it's important to have an idea that is versatile so that open source users can come up with their own stuff.
I'd like to submit an example of an idea that was inspired by that chart as well. It works something like this:
You have this weapon
Long Ranged (whatever that may mean)
Speed (If a modder wanted to modify how fast it travelled to the target)
Limited Ammo, blow-up-able with PD
It's a guided missile (a broad subset of other weapons it belongs to which guides its behavior)
Used against this ship
1/1 Shield/Armor = 2 damage reduction
10 components onboard
+0 from manuevering thrusters
+0 from ECM
No PD weapons onboard
Not stealthy, no orders to be stealthy
The nuclear missile is a guided weapon, and it hits the freighter. Don't ask how, it's too drawn out for a short example and goes into very specific formulas. All I will say is that all weapons have 100-95% accuracy, which is modified by various things.
So it hits the freighter for 1(3) damage and no penetration. That means it will cause 1 damage across 3 randomly selected components and take the full penalty from damage reduction (armor + shields).
Ship has a damage reduction total of 2, which is what it divides incoming damage by, unless the weapon penetrated armor or had lost armor components previously.
1/2 = 0.5 damage (applied to 3 randomly selected components)
(0.5 damage just means "a 50% chance to kill", and represents a percentage chance to destroy a component that it "tags")
3 (undamaged) components get randomly selected, and maybe one gets selected twice by coincidence, and receive 0.5 damage, or "a 50% chance to kill". Component 1 has a 50-50 chance to survive the attack, and does. Component 2 has to survive two 50-50 chances (it was selected twice) and is not so lucky. This could be illustrated with a coin toss.
Heads is life. Tails is death.
Component 1 was selected for damage, we toss a coin, and it's heads, so it lives. Nothing happens, that's it. No further calculations are made.
Component 2 was selected for damage twice (conveniently), we toss a coin twice, but if one of them comes up tails, the damage gets through. One comes up tails. Component is now dead.
The ship we were talking about now has 9 components left. Once all it's components are gone, the ship is kaput.
Component 2 also just happens to be the on board shield giving it +1 to damage reduction. Now it's dead. The ship is short 1 damage reduction because of it. If you're still paying attention, you know that means the next incoming missile is as good as death on wheels because:
1 damage / 1 reduction point = 1.0 or "a 100% chance to kill" per tagged component
And a nuke tags 3 of them at a time. The ship will survive exactly 3 more hits before getting completely totaled. Before that happens, it's important components will be exploding all over the place, like cargo pods, engines, more armor getting dislodged, etc.
In this system, every hit matters, anything can be blown up, components are of utmost importance, and only avoiding a hit (through cunning, stealth, ECM and maneuvering) will truly save you.
The system appears fairly robust, but if you have your hearts set on the ever popular health bars and shield bars etc., that's fine, I just won't explain my system any further.