I've been running around in Warrens on this ranger with mostly cheap HP items it has been great.
http://wiki.project1999.com/Magelo_Blue:Naeth
Bind wound (in combat) is really good and the more hp you have the more effective it is. Items like
Kobold Bone Gauntlets and
Tar Goo Strands go for really cheap.
Even at high end (raids) I would still go for maximum hp.