The Armour Points are very low. But it has excellent Bonus Stats.
Imho we should given the Chance to Level it up. Maybe with some Silver, Linen thread and Carapace. So this Set could Level Up into Mistland.

With all its Benefits, the AR should Balance slightly unter the Carapace Level 4 Armour. Maybe Carapace Armour Level at its own Max.

For the earlier Use i suggest we could level up the Fenris with other Materials to push its AR. Otherwise it fine.