really, i currenty believe the present system is awful and needs a complete reimagining. giving hp bonuses to armour makes the stats an awkward compromise. i'd make the stat system universal, and have different hp systems for heroes and buildable units. keep items limited to attack/defense bonuses and hp tied to experience and stats.
start with a base amount of hp, give an additional amount for each level of sovereign (or recruited experience), then multiply the whole thing by a value setermined by con (say, +10% per point after 10)
ie total hp = (base hp + hp) x (CONx0.05)
so say the base xp is 5, +2 per level, a level 3 sov with 14 CON gets 11x01.4 = 15.4.
this way, your sov is much more suvivable at higher levels, but con still matters (you can double you hp by going from 10 to 20 CON)
you could even use the same system for both heroes and troops, given that heroes/sovs will generally be higher level and have higher CON, they will still have the advantage.
if you extend the attribute system to races this also means you could start giving races stat bonuses. say amarians have 12 con, and 10 in other stats, they'd all get +10%hp, whereas another race might get 12 DEX and higher defence. this woiuld be a great way of differentiating races in gameplay terms, without imposing arbitrary, inorganic things like special abilities or different tech trees.
i realise the numbers are totally out of whack, but the principal is fine. especially if we move away from 1dn to separate attack and defense rolls, (giving a longsword 1-8 damage say), then everyone is going to start doing a hell of a lot of extra damage, so more hp generally will be necesarry.
the more i write about this stuff, the closer i realise i am coming to D&D rules and the d20 system. i don't think this is a bad thing.