I guess, it just doesn't sound like it justifies the difference in LP cost. That's why I thought I'd throw my thought out on a sounding board and see if I was just crazy.

For melee you want to have as much armour and health as possible. Regen won't keep you alive in the time to contact you just need to be tanky enough to survive the merge and any potential hits your enemy may make on you after. Stacking quick regen is better for protracted fights where you could have a chance of regenerating armour mid melee fight through clangs and evades. As things stand now in this patch from a melee perspective I think you want as much 'alpha damage EHP' as you can get away with because ideally you want to take 2 down before others get you and at least you want to trade a life for a life instead of going down without any success at all. When its one on one I find this also helps in downing the enemy before they down you. Finally I find I'm taking the +2 health over the plus 1 armour though as just that touch of extra HP may make the difference between getting away with it by the skin of your teeth or getting downed.