Yes Dex effects weapon procs and even poison skill. but agility allows you not to be hit. to dodge more. wood elves dont have a lot of HP. Agility gives quite an edge even to a young Woodelf. Its a sort of unspoken Ac. I think its Dex for weapon skill, agility for defense skills. anyways...
I've noticed the new tunarean newbie armor quests doesn't offer anything with dex, mainly str and agi. Wood elves and half elves already have decent agi and dex, agi being the higher. Having dex, IMO, is more worthwhile. The last few weeks I've been changing out armor for less agi and more dex on my 47 halfling rogue. I've noticed my BS lands more often and my weapons proc more with my dex being higher.