the only way i could see this being viable is if ur using a champ that has passive or a skill that gives u extra armor/magic resist otherwise until late game ur getting killed by everyone since hp regen isn't quick enough. maybe at late game u might be able to out tank mages but it'll still not be good.
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BUT, what I have seen is that philosopher stone and health pots on a tank/offtank is almost guaranteed lane dominance. So I do that now.
Health Regen and armor was really good in Dota but it's kind of out of the way and you will get stuck trying to finish it for League of Legends.