I made a dual wield (Scimitar) Alik'r cloth-only warrior that relied on Alteration. When prepared, I could dual cast it, and in a pinch I'd cast 'flesh' spells with my left hand and put my scimitar back in it quick.
60 seconds might not seem long, but take a stopwatch and actuallly time out 60 seconds. I cut through virtually everyone within 60 seconds. Plus, add the Lord stone and you get an additional 50 points of armor plus 25% magic resistance.
And yeah, if you're playing on master with the harder dragons mod and the invincible dragon priest mod and the huge boobs nudity mod it might not be viable, but for the rest of us it is completely viable and can be quite fun.
It's not that it is not viable. Skyrim is not that hard, so you could do what you are describing even without casting your mage armor spells and just go nekkid and do pretty well against most opponents.
The issue I have with mage armor is that I know that the armor cap is 567 and there is the hidden "100" so if you are wearing no armor then you need to have an AR of 667 to be at the cap. The maximum you get with your mage armor with three perks invested is AR 300, which is less than half the cap and also considerably less than your typical warrior is going to have. That makes me feel like the mage armor in Skyrim is "weak" because after investing three perks and casting an expert level spell your mage armor should at least be on a par with regular armor.
Sure, you can get the master spell and it is pretty good, but those three perks don't do anything for Dragonhide, and its a master level spell with a long casting time and a huge magicka drain.
I am glad you are having fun with your mage armor spells, but I just cannot get that excited about Alteration magic in Skyrim.