Not bad. Not what I would choose though. I run with 3 capping loadouts. Big shoota, rokkit, and lifesteal chain choppa w/ shield. This allows me to deal with pretty much any situation. My other 2 loadouts are pure support. Painboy and ace dakka loota. I run painboy on fort defense, and ace dakka loota is second only to abbadon's grace for fire support. These are the only classes that I equip armor on, as I tend to focus on flanking a lot more with my other 3. I also don't think it's worth it to stack armor on orks. Why pay a bunch of LP for a bit of armor when you can get over 300hp on some classes? Stamina is also great to stack on orks. Gives you a lot of staying power in duels, regardless of class (even lootas!). Remember that ork pistols are the best in the game. Dead shiney slab slugga with heavy barrel is super deadly. Ork pistols are good enough to use as a primary weapon, so don't neglect them.
Also if youre using a choppa boy, its really good if you stack hp with a lifesteal mod on your weapon. Makes you ded killy.