Does taking "Conditioning" / "Unhindered" render "Muffled Movement" redundant?

I'm thinking... ur gear weighs nothing and doesn't effect movement, so whats left to deduct 50% from?

In terms of RPG realism, I could see why having the "Conditioning" perk on a big tank of a warrior would be irrelevant to stealth,
in fact I could see it making the warrior less stealthy due to its conditioned ability to throw its armor around with ease.

However in terms of code, I could see myself subtracting 50% from a null value...
If anyone knows if these values are relative or separate I'd appreciate the info.

If your armor weighs nothing, how do you calculate noise?

Can someone with the construction set see if they can find anything on this.

Otherwise I'm going to assume that it works something like this:

Noise = (base value + armor weight) - (sneak skill + modifier like enchants or potions)

So "Conditioning" / "Unhindered" would work to reduce noise contribution just from armor weight.
while "Muffled Movement" reduces the overall noise value.

So the two effects would kinda stack.