[Perdition]

I don't know where you got it having the highest magic armor and armor of any piece unless you mean when looking at both stats together, in which case it marginally beats out Dragon Gi by 1 point of armor. Otherwise half of the unarmored options have more magic armor. It is admittedly only tied in armor by Animal Pelt, but we're talking about a max difference of 4 armor here, which is not worth a 10 star slot that gives you 15-20 evade than what you'd otherwise have against 1 type of damage that can decay by either duration or just taking ranged damage. Good luck dodge tanking with that when the majority of the meta is magic damage, which it has considerably less magic armor than a good portion of the unarmored roster. It absolutely is outclassed by other options.

If you're really going to try and dodge tank, there's no real reason not to just go Ninja Armor or Sarasha Gi if using 2 weapons. Cloak of Many Colors is also much better than it. There's a handful of things that are strictly better than Haunted Poncho.