The 4 ac you gain on the gold chitin will allow you to essentially turn a batskull earring into a electrum black sapphire earring.. (lose 5 int, gain 35 hps, 25 mana).. better use of your conversion rates on GCB:
Gain:8 AC / 4 INT 10 AGI.. lose 24 hps.
While losing hps in the short run hurts, like i said, the gain in INT allows for a bigger gain in HPs elsewhere. And the ten agility points is another nifty bonus, even if your dodge and defense cap really, really low as a caster.
For example.. A Hooded Black Cloak adds 5 STR (carry more lewtz!) and a full 45 hps.. And the 4int you'd lose from molten cloak or mystic would be gained by the GCBs.
Honestly, especially in classic. Necros should just max their STR to carry more plats and loots before having to go back to town. It's by far the most important stat at 50. You'll never run low on mana (unless you are specifically aggro kiting Dino in OOT) and your lich / bond combo will keep your health in check, as long as you are finding enough mobs to kill.
Hell i'm not ashamed to say i wear a Thick Banded Belt and Gilded Cloth specifically for the STR boosts.
[You must be logged in to view images. Log in or Register.] 98 STR goes a lot further than another 50 mana would.