[MaxWilson]

[SP player here]

To the OP,

A naked Wraith Lord can take a lot of armies, since he's not really naked--he's ethereal, Prot 22, with a Bane Blade. I'd probably drop a Pendant of Luck on him if I could (3 pearls with a hammer) but wouldn't feel compelled to kit him out as long as I had Soul Vortex researched. Of course, it depends upon whether how I intend to use him. If he's intended to go on the offensive I'll probably want him to have mobility (7 air gems for Winged Shoes), and he'll be inside of enemy dominion so I'll probably get him a shield (charcoal or gleaming gold) and a sword to go with it (shadow brand), to protect my investment. If he's working in concert with ground pounders, or in tandem with another Wraith Lord, I'll probably consider him acceptable with just the pendant.

I suspect I'd feel differently about a non-immortal unit. If I intended to use a Tomb Oracle as an SC, I'd kit him out to protect my investment, not only from death but also from random afflictions like Mute. If I were using him as a support caster (<Summon Earthpower, Earthquake, Earthquake> to kill mages for my Umbrals) I might use him naked or with some bare minimum of gear because I don't expect him to be in real danger, but as an SC he's just going to get himself killed if I don't give him at least a sword and shield.

-Max