I like the idea of having an item with more than 1 component, but I think we're running into a situation here where slot efficiency is too high. This would open up Vitality item space for things like Siphon bullets AND inhibitor on builds that already have Both armors and other vitality items to boot, and I'm not sold on that being a good thing.
I would be OK with a T4 item that provides less Resist for both than this item, but doesn't have either as a component. If someone has THAT much money to blow on resists, let them.