It's not the best imo. Kind of bad actually besides the meme. Mp regen is useless outside restricted runs, and even in restricted runs still pretty fucking useless because of sorc staff, necronomicons, and, you know, action free items. Hp regen is near useless because of action free items and only really useful in the one fight in the game that bans items but you could also just use walrus or black blade. The extra actions are unreliable and you'll already have at least 3 (base+anchor+ring) by the time you get it, 4 by the final boss.
Better helms are onimusha (15% crit, combined with the armor and king's gives you 65% crit chance then toss in crit ring for 85-105% crit chance), angel wreath (50% hp, 30% spd), igor (20% atk/mag), sky knight(5% eva), or hatter(20% mag as well but less spd debuff than igor).