You will nolt be able to be 100% optimal, but if you want that then covenants isnt exactly your most pressing concern, what might be more difficult is having good gear and trinkets for 3 different specs when the droprates have been lowered so drastically.
Though for the covenants you can still choose to take a small hit in survivability or throughput in favor of the other. All the soulbinds give you choices between Throughput, Defensive and Utility abilities and Conduits, always in sets of 2. So while oyu cannot be perfectly optimal you can be decent in pretty much everything.