Varaol's Boots are a nifty pair of boots, esp you get them early. They're are a cost effective back-up pair if you can't afford the other boots yet either. Free is such a good price.
In contrast, the extra point of defense from
Platemail Boots will make more of a difference on an average dungeon run.
Damage reduction from
Armor is calculated using a random value between 20% and 100% of your armor value if you're not using a shield, and 40% to 100% if you are using a shield.
That means, on average, each point of armor reduces damage taken by 0.6 and 0.7 for non-shield users and shield users. It adds up pretty quickly, esp for melee fighters such as clerics and warriors.
Elemental
Resistances use a more complicated equation, but in the early to mid-game, you're likely using values less than 50%, so we can use the 1 resistance = 1 % reduction in damage.
So for Varaol's Boots, the +6 Ice, +6 Shock, would reduce damage by 6% for each elemental type (less if are already over 50%). Rounding plays a role. That means at about 15 points of incommong elemental damage, that 6% will reduce it by 1 point, or 3 points for 50 points incomming damage.
So if you were being attack equally with physical and elemental damage, the boots would likely nudge ahead. The problem is that just aren't that many areas where elemental damage is a real factor in the early game. (
Nilorth Cave,
Frozen Depths,
Imperial Fortress,
Abandoned Tower
?) depending on quest order.) And even in those areas, physical damage is still important. Some minor elemental damage is done here and there, but not really enough to make a noticeable difference from a player's point of view.
Some players hoard Varaol' Boots just to swap to later for a single fight but I'm not sure the slight benefit is worth the inventory space and headache of trying to remember to do it. But hoarders gonna hoard.
By the mid-game, esp late-mid-game, you'll have much better equipment, including elemental protection. So it's not a lasting choice.
Potions of Resistance and healing potions can help smooth out the difference, too.