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I thought about it, and HP should be more cost effective than resistances' 'effective HP', up to a certain level of hp (cause resistances give 'effective HP multiplying off of that number). And then resistances become more cost effective. Now, I know I've heard 'build HP before resists', but it seems like what makes sense is, not to just get a base amount of HP first, but to get as much of your projected HP items out of the way as feasible, before going for resists. Not building them simultaneously. Is this right?
The only exception I see would be for health regeneration factors, cause resistances makes that more effective, but I think that would have to be significant in order to to weigh in against building all HP first.
Edit: Nevermind. The more resistances you have, the more new HP items give 'effective HP' compared to before. So it seems it is good to build them simultaneously.