the "cannot equip item due to other magical equipmet you are currently wearing" message is caused by having more than one AC bonus equiped. so you cant wear magic armour and a ring of protection. i think that balduran helm and the ring of gaxx are both exceptions to this. the ring of gaxx in particular is oneof the most powerful of all rings - -2 AC, -2 all saving thorws and decent regen.
the helm of balduran jsut gives you a -1 to ac. there are some ioun stones that give the same effect.
but if you really want a low ac, go for a monk. -1 ac for every 2 levels. im gonna solo me one...
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