Actually it is a UDLP proposal so whether SAF accepted it is
another qn, next is that the proposal is actually 3 chassis, the
last one is the M8 chassis itself.
As for armour protection, light tank are not supposed to be heavily
armoured , otherwise it is not a light tank anymore, but as M8 as a
example, a light tank which weight just below 30tons could be well
armoured (frontal) to resist 30mm to old RPG, that is reasonably
good for a light tank.
The best of course is get the orginal M8 Thunderbolt and licensed
produced it, add in 3rd level protection and perhaps even APS, then
it will be the most sophisticated light tank around.