The name could use some work I suppose. It's supposed to be an odd name in a way though. It would probably make more sense game-wise as a shield, but I can't see Tom Bombadil with a shield. It would be an item to retaliate to weird damage types, ie: GA and RoBF only.
Bombadil's Shoes: Base AC 4. Retaliates 1% damage per + to previously uncounterable damage types such as GA and RoBF.
This item would fill a hole we have in CB. Currently we have ways to retaliate to magic spells- AMF lowers and retaliates DD. GA retaliates almost everything, and SoC for physical damage. This would just be a counter for those damage types that don't currently have a counter.
And while I'm at it with the item ideas: Dwarven Hauberk: base AC 22. -10%dx & -5%spells. Regenerates a flat 10% of max ST and DX every round.
Just my idea to provide a counter for tanks to exbows and massive EC. Just set the regen rate low enough that they are slowed, but not neutered completely. Making it a body armor also makes the user make a tough choice on how to run his tank.