I have a "party" suit and a public suit.
If hunting Peerless or in an isolated spot with Allies/Guild members, I can carry regs and concentrate on MR, SDI, and/or resists, as well taking advantage of Cursed Doom arties that cannot be insured.
In active and spawn areas, however, I need a LRC suit because chances are slim that you will find exactly what beastie looted you because their bodies decay so fast.
Generally though, I stick with Sorceror's Suit, esp if I am hunting in an area where "Luck" may not be broken. Paired with the Etoile jewel set, it gives a decent overall mod mixture. Then cap it off with Swds of Prosperity or Pyro Staff (if Undead about) or equip the MR3 SDI 30% invasion spellbook for extra mana regen. I generally run in wraith form solely for the mana regen.