Somewhat similar idea I proposed last ladder (I think)

Item level : 98 to 99

Name : The Ring of Power

Advantages
1) 10% absorb fire, cold, and lightning damage
2) 10% Damage reduction
3) 10% Evade hostile spell or attack
4) 10% all enemy resistances
5) Lvl 10 defiance when equipped


Disadvantages
1) Decreased 10% attributes
2) -10% Faster run/walk