You also gave him a better shield. Gold Shield is one of the best ones in the game, as far as pure stats go.
At the moment, I'd say Beowulf is a bit too powerful for a human (Standard +25! 3 misc slots! def
17! and of course hp of 27...), which means that it's probably balanced with heroes of Worthy Heroes. I never tried to become familiar with its power level.
As Johan said earlier, there is a typo (actually several) in the modding manual for itemslots, the precalculated values at the end are wrong. If you examine his protection more closely, you'll notice that his head protection is just 12, as if his protection was halved. To fix this, you should use #itemslots 31878 instead of 32006. In general, to fix this problem you have to decrease #itemslots value of all units that are affected by the halved head protection bug by 128.