The most generous interpretation I can give is being level 60 and having 1500 AC reduces a level 45 mob's damage by 20% over my character (just a wild guess). With Vulak Axe you are probably killing the mob 15% faster over something like Ancient Fire Etched Flamberge.
If level 45 mobs only do 1000 damage on average (not enough data to confirm this right now), then Troll Regen + Fungi Tunic + Fearsome Shield + Ring 10 + 2 well spaced Epic Procs would mitigate like 800 damage per fight. With the faster kill speed and better reduction, you would be taking like 700 damage and healing 800.
However, if you have fought in a place like Sebilis, you know that mobs aren't just doing 1000 damage on average if you are soloing. I've had a Bok Knight (level 47 mob) do 4000 damage to me in a 2.5 minute fight when I was face tanking it at level 58. I had to drain my entire mana pool on taps to survive. Obviously having the level 60 tap would have been a bit better, but I would still be spending over half of my mana.
With the formula above you wouldn't out-mitigate 4000 damage. 20% reduction from AC and level would be 800 damage, and you are mitigating like 800 a minute from regen and Epic procs, so you are still taking like 1200 damage on a Bok Knight after all that. You could spend 900 mana on 4 taps to make that up (4.5 minutes of meditating), or you could simply fear kite the thing and spend a bit more time killing it to spend a lot less time meditating.
The above is just rough guesswork based on my years of experience playing the game. As I said I would love to see a video showing vastly superior mitigation. I would be happy to admit I am wrong.
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