I think the amulet of health is great, I have one (actually I have the greater amulet of health, it has regeneration too, lovely
). IMHO you don't really need protection from elements, I don't have that and I can't disarm traps so I trigger them myself and I've only died once I think (reloaded and didn't die the second time). So I wouldn't say your ring of power is essential. I do like to have light though, and if your ring of cyan is all you have for light then I'd go with that instead of the ring of power. However you should find (or be able to buy soon enough) items that combine light with other abilities, for instance I use the greater mask of persuasion which gives charisma, persuausion and something else bonuses as well as light.
Now as for your AC, you should (unless you've sold them) have lots of potions of barkskin by now - use them! They pump your AC up very well. Also, although you can't afford them now, you'll get more money soon enough, so invest in some boots and/or cloak that will increase your AC as well. For example I use a cloak of fortification and boots of hardiness; they also increase constitution as well [img]smile.gif[/img]