First of all it is tier 3 boss reward so should be useful, as it is now it is rarely used(maybe only in t1). Health bonus is not good enough to compensate for penalties(monsters do 8-12 bar damage in t3). I suggest some options:

1. Make health bonus +15 instead of +7. (For helm/armor)
2. Increase it's normal defence by a lot ( like twice ).
3. Make its defence split elemental or shadow ( like ironmight set ).

Also it would be ok for me( and I think for most players ) if the ancient set items were more expensive like 50-100 Almirian seals, because hard to obtain is better than unused.