Yes both will give you good defenses depending on just what you want on your character.
1) Parry itself will give you ok defense plus the benefit of what ever mods your shield has. Thus you will have both weapon mods AND shield mods. Having a good shield can really help your character, especially if you are lucky enough to have a old-school shield with good stuff.
Most good shields will easily give you +15 dci, resists, and some other things.
2) Bushido and parry give you great defense, plus a few abilities of the bushido. Of course this requires an extra 120 skill points, but you gain some great abilities. It all depends on what you want and how tight your skill points are.