So you want to go back to the protections (or something quite similar to it) system that was in place before the devs moved to resistances. The problem with that is that the stat can’t be a % 'cause if it does it wouldn’t make any sense (if I have 95% resist, why am I not only taking 5% damage rather than the ~48.7% I would using your formula).
Personally I quite liked protections, but lots of other people were confused by it & it made protections/resists pointless for ward builds.