I've been flying around with Mil grade armour on my Python, ever since I could afford them. The only time I take that armour of Lady Jayne is when I'm doing long range missions.
I usually stay in the fight even after my shields are gone, take a bit of hull damage while finishing off the kill. Before 1.5 I used to use SCBs quite a bit, especially when fighting Condas with their superb maneuverability and their ability to mount flak turrets. After 1.5 hit, the SCBs started causing internal heat damage every time I fired one. Tried swapping out my KWS for a heat sink launcher when I went into combat in a CZ, that seemed to solve the problem, but I had more SCB charges than I had heat sinks. I then started to realize that shields seem to go down faster now, no matter what I tried (I have a 5A prismatic and 2 Shields boosters, according to in-game ship stats this combination provides better shields than a normal 6A + 2 Shield Boosters).
So nowadays, I don't mount SCBs at all. If my shields go down, I tank with my armour till I can get away or finish of whoever is shooting at me. Let my shields recharge, and then get back into the fight. The added maneuverability without Mil grade armour seems interesting but I still remember the days before I could afford Mil grade armour, when Lady Jayne used to get swarmed and blown up before I could escape (in CZs).
Have fun, fly safe.
P.S.: Maybe I might try 6A prismatics without Mil grade. 6A prismatics with Mil grade just gimed my jump range too much. Also, I liked having 200+ tons cargo hold capacity.