Why does your Helicath has so much atk? With atk maxed in Great Hall, Gold 5 arena bonus and a lvl 16 weapon 6* he still shouldn't have that much.

From the two setups, I like the first one, even with more atk, still better. Hp are crucial for him, if you use him in arena. A lot of nuking champs have abilities to ignore def or savage + cruel, so his high def alone is no guarantee to stay alive. With 120 res he probably can't withstand a decrease def debuff, you shouldn't expect to much def active when the opponent hits.

And it's not as if the crit rate would jump to 100% in setup no. 2, the increase here is to small to justify the loss of so much hp.

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Poor man´s gear choice i would say ^^

you should see an increase in overall damage output since the crit rate increase should more than offset the losses from def and crit damage and the difference in damage mitigation between 5200 and 5300 def will be negligible. the hp change could be a lot more substantial however. you're talking about cutting over 20% of his total hp which could be absolutely fine or it could be a massive problem. if you're running him in teams where he has no difficulty surviving, dropping his hp by 10k likely won't have any impact. if he's frequently hitting low hp levels or dying, it absolutely would.

That are some good artifacts.

On the long run, the weapon, that is only rare (only two rolls at lvl 16 and useless atk% substat) and the gloves (double roll on flat hp, useless atk% substat) could be replaced. But you don't want to lose the setbonus, so it's really a long term quest to improve your Helicath further.

Like I said before, I would go with this setup, not no. 2.