Armor selection in FF1

[Martyr]

It depends totally on your party. You may wnat to hold on to the Zeus gauntlet, for example, if you have no other black magic characters. That's assuming that you don't have a Thor's hammer for some reason. Same goes for the heal Helmet. I put it on my RW or Ninja. If the Red Wiz can carry it. I also may put it into the extra Master Slot.

KIf I were you, of your options, I'd give the knight the Opal Helmet and ProRing.
And I'd give a ProRing to the others too.

However, if you have more than one character who can equipe the Heal Helmet, since there's two, I might choose the Heal Helm over the Opal helmet just because it saves so much on the cost of heals. (Ex: In ToF, 9 Badmen, make it one Badman, use heal helmets and staff to get all HPs to max, come out with 99 heals still etc...)

If you have no casters, you may want to leave somebody with the Zeus Gauntlets when you're in the water shrine, if only to make the red sahag fights faster.

And the Aegis Shield may not protect you from all RUB spells. Doublecheck that, yo.


Edit: Oh yeah... Ribbon trumps all.
Honestly, I will usually sacrifice some piece of armor (the ProRing), and keep the unequipped Heal Helmet in it's place. But I'll be wearing the ribbon.