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Multiple characters have Multiple companion benefits, so I keep a box of comp gear and update it with new better drops. Leveling skills and armor is slowest part.
I’m currently leveling both companions in the white gear they came in, with the exception of swapping out a white lightning staff for Bastian’s fire staff when I realized the only type of damage the companion staves do is magic damage, not elemental damage.
I took Bastian through Skyreach with me as my healer, to see if it let me heal a bit less and focus on damage. I figure one of my only combat uses for them is making stuff I used to solo even easier. With only 4 skill slots for him, the real obstacle is having enough skills for him to keep himself alive and still heal me. I've been using heavy armor, thinking that it's the best way to keep him alive so that he can heal me.
Results: He wasn't always in range to heal me, and occasionally he aggroed a mob, but he only died in like 1/10 fights (doing the typical 3-pull run in Skyreach). I'm hoping the final resto staff skill and fifth skill slot will actually make a difference, but I doubt I would spend gold on quickened companion gear to improve the heals. He's currently just in white gear.
I play multiple characters with varying roles so I have to build the companions around being able to support them all. Bastian is set to be a combat enhancer, rather than having a specific role he goes through a series of buffs while wielding a two-hander to stay close in melee range. HIs setup uses Basalt Barrier, Searing Weapons, Ring of Salvation, Skeletal Aegis, and Haste with Quickened in most slots reducing their cooldowns even further.
Mirri, for lack of a better description, is a suicide bomber. She helps clear huge pack of mobs by doing a lot of AOE damage in a short span of time with no regards for her well being. I have her with Warp Strike, Masque of Torment, Razor Cape, Life Siphon, and Spinning Steel. She teleports into a large crowd, strikes fear into their hearts, and barrages them with 3 AOE damage abilities; if anything is left alive pummels her to death as I finish the stragglers.
I have voted tank, but it's not really true. Mirri uses a heavy armor set and sword/shield. Her skills are everything that heals or give damage shields. She doesn't use a taunt, so that she can survive even long fights.
Bastian I got set up like basically a battlemage. Heavy armor, sword and board, but things like stone fist and fire whip, focused on dealing damage, with dragon's blood and kindle to heal us both.
Mirri I will eventually set up as a bow DPS/healer
I don't want to manage a bunch of gear sets, and I only play two characters, so I have Mirri set up as a healer for my Redguard warden, and Bastian is set up as a tank for my Breton necromancer. Each character only runs with the one companion, I don't really care if it takes a bit longer to level them. I play mostly solo: questing, delves, public dungeons, etc.
What's better Ring of Pale Order or a Healer Companion in Dungeons?
I would say the pale order ring is better. You have control over the ring by doing damage, the companion is going to follow its script, which is not dependable.
I'm trying Bastian as tank and Mirri as healer. My duo partner is trying Bastian as healer and Mirri as tank. So we'll get to see how each is at their respective roles when we do dungeons together with our twins.
Update as of October 2021:
Bastian couldn't stay staff tank, he would never approach the enemies reliably so he would always be behind me. Now on sword and shield.
Mirri I've gotten fully trained in two-hand and am now training dual wield. Melee works better without the damn running away and roll dodging.
Level-20 Bastian wearing HA, S&B skill line maxed, Bow skill line maxed. He mostly uses the bow, and with an emphasis on crit and penetration he has two-shotted overland mobs (normally 3-4 shots).
Level-10 Mirri wearing LA. She's setup exclusively as a healer.
At the moment, both want to be a DD going by their options and likes. Bastian wants to be a mage and Mirri likes her bow, so untill we get more that have more brawler and mender likes, they are staying like that.
If could revote, it would be multiple. Right now I'm using Bastien as a damage/healer and he is working out quite well. I'm trying to figure out what to do with Mirri, especially with a Mag Warden.