As I understand it, the conventional wisdom amongst Shadowknights is AC>HP>STA>INT. If you are not near the Stamina cap, you may swap HPs and STA until you get up to the cap.
AC - On gear this does not affect how often you are hit or missed. Only your Defense skill, some defensive AAs and AGI affect a mob's chances to hit. Worn AC affects your mitigation score, which means that when you are hit, on average you get hit for less. Basically a high AC means the mob is more likely to hit for it's minimum value than it's max. Taking less damage means your healer casts less and your party is more likely to win.
HPs - Self-evident. Having a lot of HPs but low AC means you'll survive, but your healer may be OOM fairly quickly since they'll have to cast more heals.
STA - Until you get 200 this is a great stat. More STA = more HPs. After 200 you get some increase, but it isn't as much point for point as STA below 200. I believe the hard cap is 255 (256+ STA = 255 STA effectively).
INT - useful for mana pool, but I understand that SK spells to generate aggro are fairly cheap.
If you are not having problems running OOM, I'd go with the PFWR.
Note this is the accepted wisdom on Live. I can't say if the formulas here are the same, so your mileage may vary.
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