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Although the Armour isn't the main attraction of Madred's Bloodrazer, I'm of the opinion that it could be a little higher, it would giv more value to the item but not make it too OP, Madred's does need a slight buff IMO, it's not super-effective, a little more defense wouldn't hurt... It won't help a huge amount, the item would still be a little under-powered, but until they take a major look at this item and re-design it from the ground up... That little bit of bonus Armour will make most people happier with the item...
It won't help much, but it will give the item more attention and maybe people will start to use it more simply because it got buffed, even if the buff was minor and didn't effect the damage output of the user at all...
TLDR: Yes, buff Armour by 5-ish on this item, but keep looking into how it can be made more viable, don't just buff the Armour slightly and move on, but instead, buff it slightly, make the community see that it's been buffed and that you're working on making it viable (but not OP)