Wearing the hat does not seem to impact any AC or stat spell base values, but it does impact every HP spell I have with more hp, about 16% on top of the 50 I get from the spell itself (on both side).
The other effects of shielding are not affected by the cap.
I'm trying to find other spells other than the shielding line that increase max Hp and still get affected by the cap's level limit to test those. All the low level shielding spells get affected by about the same addiitonal percentage of hp.
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