I was just reading Scronan's old guide on blessing/enchanting (very good by the way) and he's right on the money when he says that bronze cuffs and silver rings are the way to go but there's a few things i found out that i'd like to add.
One way you can enchant/bless a ring is to put about 3 of each protection spell to gain 60% resist (nice) to say, fire, cold and magic. This will total in at 9 enchantments or so, and will cost about 500 000 gold. then you can bless another ring with 12 armour blessings for about 4 million gold, now for those using the fletchery/blessed dragon arrow tactic for money, this is no problem, but for those people who want to try to be a bit thrifty (which is what i will do the 2nd time i play the game) he's how you do it. Grab a bronze cuff or silver ring and put 1 of each pro enchantment on it (i use fire, cold and magic), this will cost 17 500, go to the temple and add armour blessings, say about 4 or 5, this is where you save money, because the armour blessings will start at 1000 again even though it has been enchanted 3 times already. so add about 4 armour blessings, 15 000 gold. finally you can put 3 or 4 "hit" blessings costing 8-15k.
So you end up with a ring/cuff with +20% to fire, cold and magic resist, +4 armour and +3/4 hit for under 50 000 gold. Wear 2 of these if you need a bit more armour/resist or whatever. feel free to add a regen or 2 also, the main thing is to spread your blessings/enchantments out, don't pile 1 type on a single item. hope you find this post interesting/helpful.

Great additions, Shinobi!!

Very useful!!

Wyv