I've been using the stealth set a lot now as that makes bug collecting way easier. And I can do . . . I don't know what with them, I guess an elixir or sell if I end up with too many.
The two pieces of the climbing gear I have + the hylian pants.
However in the cold or hot areas I use the right weather appropriate clothing.
I don't care for defence. If I get hit I usually eat food or reset the game back to a previous save as many thing in the game one shot kill my Link.