I think the idea of padded using iron is so that we have a reason to go back to the swamp.
Also remember the game is not done.
Wolf is fine for the plains when you know what you are doing. You really won't need padded except for maybe the Yag fight and Mistlands when it comes.

Not sure what kind of stuff they may add with the mistlands. The fact they have metal you can find in the Ashlands leads me to believe that the mistlands won't have an ore to mine at all. Although they may add an item that makes using black metal for armor after an upgrade.