It's still extremely situational. The gear you have listed would be for nearly only physical damage. Also, the level of the gear you have listed suggests it would be for 75.
This topic is about experience parties, to use the gear you have listed in a 75 merit party would be extremely detrimental, even with that shiny Defending Ring. Sure you can swap in HP gear to throw a fake Cure spike, but a 1k WS from a DD will surely rip hate from you and you WILL NOT get it back by turtling. A good DD will hold that hate while taking little to ZERO damage until the mob is dead, or another DD has taken hate. This is why a PLD should gear as DD in a party.
Also, a turtling PLD at 75 is more likely to build MDB and Elemental Resist equipment setups. Granted most if not all end game NMs have the potential to deal extremely damaging magic skills. In fights where attacks are not extremely physically damaging, the reduction set you showed may prove to be exceptional for that situation. However, mobs like Tiamat have an arsenal of extremely damaging physical attacks (hello MS crit x2) and damaging magical attacks (hello missed stun Firaga III) as well as when she flies. Ninja sub job excels due to absorbing those double MS crits with shadows and a fire resist setup for spells/air attacks. Jailer of Love will hit with nothing but magic spells due to it's extremely damaging physical attacks when it gains Boost from Fluorescence. To avoid it, the tanks will sit outside of melee range, although Jailer of Love will not look to melee, it will sit and cast spells.
This game is built extremely on situational events, chance favors the prepared mind.