Depends on the armour and character.
On heavy armour, I forego high stopping capabilities for low dissipation, the damage only needs to be reduced to the point it can be easily mitigated.
Psi I'm currently thinking about something with low dissipation as well, to reduce minor impacts (small calibre pistols, rathounds and burrowersawn, etc) to keep hitpoints at max against attacks that don't necessitate a Hypo. Tranquillity is pretty useful.
Everything else, yeh, I'd probably go for high conversion.
No idea what the third option is actually good for, it's the only one with drawbacks.