A moloch?
And if the lord had a GW, which against Elves he would (Flail is against everyone else, who don't have ASF), he'd be strength 7 next round (unless mounted, but then that's even more masses of attacks).
So now the rerollable 1+ isn't impressive he gets a ward, boo. That item is silly, reroll saves for 10 points.
And yes, Dreadlord with Regen, inverse ward, and 1+ armour is sick, and unfluffy.
At least the Dreadlord isn't cheating by having two armours or two talismans.