I've read this thread in chunks this morning. Apologies if I repeat anything said by others regarding the lucky items, but I think this is the area of most concern.
Problem Statements:
Lucky Armor / Lucky Set
I'm leaving the lucky set discussion out of this thread for now. See the following post for thoughts on the set:
truedungeon.com/forum?view=topic&catid=615&id=250010&start=36#347281
Problem: These items obsolete a bunch of armor and shields (see below). This limits design space (all new shields will need to be better) and reduces your options for reprints (reprints are great for limiting power creep and are minimal development cost ).
Problem 1): Lucky Mail obsoletes all UR light armor with 2 possible exceptions by having the same AC bonus as printed armor, with fewer usage restrictions, with a fantastic bonus to saves.
List of obsoleted armor:
Mithral Chain (Lucky has same AC, +1 saves)
Dragon Hide (Lucky has same AC, +1 saves)
List of likely obsoleted armor
Redoubt Mail (Lucky has -1 AC, +3 Ref, +1 fort, +1 will)
List of reasonable alternatives
Troll Hide (Lucky has +1 AC, -3 Fort, +1 ref, +1 will)
For Druid only: Dragon Scale (Lucky has -2 AC -1 fire resist, but +1 all saves)
Possible Solution to 1)
Drop AC to 5, or possibly even 4. Note, this still likely does not really change the usage of Lucky mail all that much (who wouldn't trade 1AC or 2 AC for +1 all saves?)
Problem 2): Lucky Plate obsoletes all existing UR plate armor
List of obsoleted UR armor:
+1 Plate Armor (Lucky has same AC, +1 saves)
Dragonscale Armor (Lucky has -1 fire resist, +1 AC, +1 saves)
Plate armor of Absorption (Lucky has -1 melee damage resist, +1 AC, +1 saves)
Plate armor of Attack (Lucky has -1 AC, +1 saves, can be used with shield)
Redoubt Plate (Lucky has -1 AC, +3 Ref save, +1 Will save, +1 Fort save)
Templar Armor (Lucky has +1 saves)
Set bonuses discussed in a different thread, so just at a armor level, I don't think anyone wears any other UR Plate.
Possible solution to 2)
Remove lucky plate and replace with a different UR (multiple options exist). I don't see a situation where lucky plate doesn't obsolete pretty much all other UR plate armor - even at 8 AC and +1 saves, who wears a 9AC armor over lucky plate?
Problem 3): Lucky Shield obsoletes a number of UR shields.
To shorten the post, the remaining alternative shields are:
Shield of Redemption and Shield of the Scholar - both have interesting uses outside of AC and saves, so someone might choose these.
Shield of the Phalanx. Note, you would need likely 3 people wearing Shield of the Phalanx to justify not using lucky shields.
Possible solution to 3)
Drop AC to 3, or possibly even 2. Note, this still likely does not really change the usage of Lucky shield all that much (Outside of Paladin and Dwarf Fighter, who wouldn't trade 1AC or 2 AC for +1 all saves?)