Well the end result will be that from the players perspective, they swung their sword, but it didnt do any damage. Is that not the effect you are going for?
- Hypno
It's not a miss if the player sees the weapon strike, blood splatters, the enemy recoils, and the "hit" sound plays. This allows for you to, at a later time, increase weapon damage while preserving overall combat balance. This way each time you hit an enemy FEELS like a heavy blow, because it does comparitively more damage than a single strike currently does. The miss chance prevents you, and enemies as well, from facerolling everything in combat.
It would also allow for a modded Sanctuary spell effect that can make mages simply not get hit at all, rather than relying on brute shields.
Sort of like the Become Etherial shout actually, but without the invisiblity.
It all starts with altering how weapons behave with hitboxes though.