Get 2 adamant armors then get two blue tails by means of small tails. Turn those blue tails into Blue Amors and you will have 4 sets of badass armor. Then you can give the remaining character Lunar Mail, which is pretty decent.
You forgot to mention that only cecil, ceodore, and golbez can equip it.
This is true, but most players will use at least one of those three.
Having high evasion (or magic evasion) is great... however, you need to remember that this needs to be combined with a high defense multiplier (or magic defense multiplier in the case of magic) to make it more effective.
For example, Cid with 99% evasion would still suck if he still had a defense multiplier of 1. This only means he'll avoid one hit from the monster (based off the monster's ATTACK multiplier), and he'll still absorb the rest of the damage.
Shields provide around 1/3 of the the maximum possible defense multiplier in the game. Combined with the fact that the Agility stat is not usually maxed out in TAY, the maximum extra of 6 (from being level 96) for the defense multiplier is why designated tanks like Cecil and Kain can absorb so much damage. However, Cid's (and Luca's) lack of good one handed weaponry will limit evasion benefits (although Luca and he special skill will allow her to be in the back row for added benefits). Cid and Luca rely on high defense to reduce damage (since it's hard to get high evasion armor on them)....