[Kameron8]

More like, it's about time we get an accessory that absorbs water damage, like Circle Ring. It will narrow down most of this item's problems, since the biggest of them seems to be just main-handing a sword and off-handing a tome, then spamming water spells for free profit.

If the enemy can lol-absorb water damage, they'll need to use Nihilist on off-hand, and thus the tome part will be easily scratched aside.

This is not a sustainable line of thinking to balance items. If some axe in the future lets you swing four times, you wouldn't implement a pair of shoes that lets you absorb slashing damage. SL1 had absorbs and immunities to almost everything, trust me when I say it was not for the best. Even if this was added, who would want to deal with mandatory Nihilists and metagamed accessory swapping?