This was posted about girdle thickness by leonid a little while back:
-----------------------------------------------------
GIA
Extremely thin 0.00 - 0.08 mm
Very thin 0.08 - 0.12 mm
Thin 0.12 - 0.15 mm
Medium 0.15 - 0.20 mm
Slightly thick 0.20 - 0.23 mm
Thick 0.23 - 0.33 mm
Very thick 0.33 - 0.40 mm
Extremely Thick: greater than 0.40 millimeters
Me again, so take with a grain of salt:
The girdle is wavy as it goes around the diameter of the stone with peaks and valleys in it's thickness. GIA and AGS measure the girdle at the valleys, while HRD measures it at the peaks. i'm assuming the measurement you gave (1.2-1.7%) was from the valley which makes it a Thin girdle, which is perfectly fine.
The range means mininum and maximum, so your girdle at it's min areas would be the .7 and max would be 1.2. That is thin...not a bad thing. As the other poster noted, where it's wavy is where you will find the mins and maxs...the numbers just give you a clearer picture of the girdle and possibly stone symmetry. You don't want a girdle that is .7-2.9...because that thing would be all over the map!