This is tough to answer. A few friends and I from the Terraria Mod forums have found there's no real answer to this yet. It's been coded pretty extensively, that armor for now is nearly immune to being 'cleansed'. The best you can hope for is a mod that replicates the armor without the debuffs.
oh, and the problem with the armor is that it is calculated by the armor pieces and the accessory enchantments "warding, armored, guarding" youŽd have to change the line of one of these items making all other items of the same kind the armor value you set. however finding this line is nigh impossible (at least for me). you might be able to add another enchantment via mod or again, change the value of one enchantment making all items with the same enchantment the same. but, i honestly have no idea how the enchantments work so i donŽt know. you could look for a mod but remember that you cannot use them in multiplayer, unless every player has it.
What inventory editor will work with the latest version? I was able to use Terraria Viewer at first to create a new character and throw on some older items, then log in with them. I was also able to edit the same character later. If I create a new char in game, I am unable to load him into Terraria Viewer as the program will crash.