eric,
I used the Archmage set on my first go-through w/ a mostly warrior build. You should be aware that there are four sets in this game. The archmage gives nice bonuses, particularly for mage-type builds.
There's also Scorpion set (found on Kali's flying fortress) that is really nice for a warrior-type build (my second play-through I wore most of this set).
There is a Hunter set (found on Raze's flying fortress) that is good for the ranger-type builds.
Then there's Ulthring's set, which is a helmet, cuirass, gauntlets & leggings-- you get each of these sets through mindreading four of the flying fortresses' "boss." You have to mind read in order to get them, though.
I LOVE Ulthring's set, and used it on both my mostly warrior builds-- second time w/ Scorpion stuff & the archmage mace. The first time was w/ the Archmage set. What I mean is, everything that wasn't covered by Ulthring's was covered by one of those two sets.
Now, here's my suggestion. If you have a bunch of stat points, then do a save before assigning them. Whether you're playing Xbox or PC, you have up to about 20 save slots, I believe. Use them! The archmage set, as you probably know, requires stat points in Intelligence. The Scorpion requires strength, and the Hunter set requires dexterity. So, whether you want to use the set or not will probably depend on the type of character build you've made. You get nice bonuses with all sets, I think leaning towards whichever type of build (Hunter gives stats to help ranger, Scorpion w/ warrior, Archmage w/ mage). Utilize the multiple save options, place your stats and see what bonuses you'll get for your character build-- if you don't like it, simply reload without saving. If you like it (for now), do a new save so that you can always go back if you end up not liking the performance.
I hope this helps you out. Most importantly, enjoy the game and make a character you enjoy playing, because that is all that really matters.
All best,
~~Charinda
p.s.
I finished the game at level 35, I believe, both times-- slightly different builds & stats because of the the jewelry, enchantments, charms & skill assignments.