The way it worked in EQ1 is that you would go for wizdom equipment over anything else, and once that was capped you would move onto mana, or power in this case.
Personally im getting equipment based on this. Not 100% sure if its the best way to do it, but thats just my opinion!
In the earlier levels AC is the best if you're going to be soloing. I've noticed only a few points of power from each wis so if I'm soloing the 27 AC hat with no stats tops the 7 ac hat with minimal stats. If you're going for the beat down get the AC, if you're a hard core grouper pump that power and master your agro management.