Are you wanting to reflect spells or physical damage, or both? The problem you'll potentially run into is that you can get multiple items for the same equipment slot, and not be able to use them at the same time - Amulet of Axes / Necklace of Swords is one pair, Spellbreaker / Escutcheon of Chorrol another. Only two rings can also be a problem if you want Mundane + Iron Fist + something else. At least the shields in Oblivion give their magical benefits when equipped but unused, even though the base defense only counts when in hand.
So if I have a shield, but am using my bow, I won't get the benefits of the shield, right?
Likewise if I am holding the shield but I'm not using it to defend, it still functions, correct?
And yeah, I'm running into some of that "slot frustration." I have both amulets that you mentioned for example.
Do you have the http://www.uesp.net/wiki/Oblivion:Mehrunes%27_Razor DLC, if so then that dungeon is a great choice... its massive and super fun
No, I don't.