Reasonable question of the OP, thanks for bringing this up! I've started a similar thread in the shaman forums about a week ago. What I gather from my own experience is that AC on p99 is less effective than AC on live.
Played/playing a shaman both on live and p99. Iirc on live there was the guideline of like 10hp being equal to about 4 AC (before the cap). Now I am under the impression that no matter what on P99 HP > AC all the way.
This is the thread I started:
http://www.project1999.org/forums/sh...d.php?t=117653
Is my memory shady or is HP>AC on p99 all the way?