Below is a table that lays out how increases in armor class affect relative survivability of a character. For each Armor Class, we assume the character has 100 hit points, and we calculate (on average) how many rounds it takes for a level 1 character with 16 strength, wielding a greatsword, to knock them down to 0 hit points. We will then use this to compare (again, on average), how much a 1 point increase in Armor Class improves their survivability.
|
Base AC |
+1AC from Magic Item |
% Difference |
"Effective HP" |
"EHP" w/+1AC |
AC5 |
10.771 |
10.771 |
0.000% |
100 |
100 |
AC6 |
10.771 |
10.771 |
0.000% |
100 |
100 |
AC7 |
10.771 |
11.349 |
+5.366% |
100 |
105 |
AC8 |
11.349 |
11.992 |
+5.362% |
105 |
111 |
AC9 |
11.992 |
12.713 |
+5.671% |
111 |
118 |
AC10 |
12.713 |
13.526 |
+6.011% |
118 |
126 |
AC11 |
13.526 |
14.449 |
+6.388% |
126 |
134 |
AC12 |
14.449 |
15.508 |
+6.829% |
134 |
144 |
AC13 |
15.508 |
16.735 |
+7.332% |
144 |
155 |
AC14 |
16.735 |
18.172 |
+7.908% |
155 |
169 |
AC15 |
18.172 |
19.879 |
+8.587% |
169 |
185 |
AC16 |
19.879 |
21.941 |
+9.398% |
185 |
204 |
AC17 |
21.941 |
24.479 |
+10.368% |
204 |
227 |
AC18 |
24.479 |
27.682 |
+11.571% |
227 |
257 |
AC19 |
27.682 |
31.848 |
+13.081% |
257 |
296 |
AC20 |
31.848 |
37.491 |
+15.052% |
296 |
348 |
AC21 |
37.491 |
45.564 |
+17.718% |
348 |
423 |
AC22 |
45.564 |
58.066 |
+21.531% |
423 |
539 |
AC23 |
58.066 |
80.019 |
+27.435% |
539 |
743 |
AC24 |
80.019 |
128.569 |
+37.762% |
743 |
1194 |
AC25 |
128.569 |
128.569 |
0.000% |
1194 |
1194 |
Obviously, at unrealistically low armor classes, the +1 does nothing; the greatsword-wielding character cannot roll lower than a 6 on their attack roll, so they'll hit 95% of the time against any character with an armor class of 7 or lower. Conversely, as the armor class goes up, each point of armor class represents a greater and greater relative survivability, not just compared to the lowest armor classes, but relative to the next highest armor class.
This tells us that, in general, each point of Armor Class becomes more valuable proportional to how much a character already has. A paladin with 20 armor class gains a much larger survivability boost from going to 21 armor class than a wizard at 15 armor class gains from going to 16.
This also doesn't take into account the raw hit point differences between a highly armored paladin and a lesser-armored wizard, although we could apply the "% Difference" column from the table to work that out.
So it's transparently obvious from the example at your table that the "tank", with 54 hit points and 17 armor class would receive the most substantial boost in survivability by going to 18 armor class.
Of course, that isn't to necessarily say that they are the one who should receive the ring. If the weakest character is frequently vulnerable to attacks, then that +1AC might be the difference between them going down or staying up at a critical moment, in a way that the "tank" is already not particularly vulnerable. That is a judgement that your party will have to make for themselves.
But if the goal is raw survivability of the party, then any item that boosts armor class should always be given to the party member who already has the highest armor class, up until the point where their armor class exceeds what their enemies can roll on a natural 20.