Do either armor or m.resist correlate to health in any way? Example, 1 armor is equal to * amount of health?
No. Health is protected by armor and magic resist, but not created by them.
Exactly that ^. Armor reduces incoming physical damage by X amount, Magic Resist reduces incoming magic damage. If you go to the stats page of any hero and tap the 'i' at the top, all this info is available
Max health is affected by strength though
On a totally unrelated note, yes, it is.