Depends do you want two divine blessing items, a somewhat closer then chaos servant (shortcut) bonfire, and a great heroes soul? If not then nope. Besides I think the the regular enemy that killed me the most has to be that stupid tyrano legs.
Considering you get the ring by default by going into the Lost Izalith (You have to kill the centipede) then really this question is moot. Put on the ring or you will die. No amount of resistance/healing will get you to a safe spot before you die or get killed by the dinos. Put on the ring or take the shortcut.
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