You guys are hooked up on the wrong thing here, the resists are not that bad. The issue is that nukes are only being reduced by 20% and not 34% in pvp.
Proof:
http://web.archive.org/web/200011180728/http://eq.castersrealm.com/spells/wizard/spelldescriptions.asp?SpellID=276
Check first comment, i never remember ice commet doing 896 in pvp, more around 700ish, this is the issue here, not the resists.
Change the spell pvp reduction for pvp to 34% instead of 20% and all issues are solved.