The majority of avoidance of NIN in FFXI also came with shadows that absorbed hits, even though they had a really high evasion.
The result was...terrible.

For me, what can be done for a dodge/parry tanking is activating skills that avoid perfectly the next attack of one type (One for auto-attack, one for physical skills, one for spells, etc...) with a very short duration.
So, not a "RNG parry" tank or a "blink" tank but a "perfect guard" tank, like you could have in fightning games, but with a little more window time to reduce lag problem.

On paper, it could be interesting, but, to implement it, it would require a lot of testing to make it competitive and viable for every fight.