You do in fact get threat from comboing on the soldiers. Flash as well is considered magic so they do reflect it back to u as dmg. Ever want to know what your threat is from flash? Just use it on a soldier and watch the dmg you take!
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While you can make a case for the Valor/Allagan Body, you lose points for suggesting the Hero Ring as an early upgrade. Upgrade from Hoplite Ring -> Hero is 7VIT, 5Acc, 3ACC. All this does is prolong your time till getting items that will have larger impact. Just as an example: Changing DL legs/feet combo into Valor Legs/Hoplite Feet. Net gain: 2DEF, 6STR, 8VIT, 4Parry, -8ACC, DET10. This changes further if you get Heavy Allagan Flanchard which is a Turn 1 drop. Not saying the Legs are best first purchase by any means, just using them as example to counter the Ring.
EDIT: Also, made error in original post about flash being reflected. Its actually reflected by the knights, not the soldiers. Soldier has the melee stoneskin effect, knight has the magic reflect.