Don't forget that with the new set bonus we're going to be getting that much more rage... I personally think that we may be swimming in rage, and venge makes that happen that much more.
Like you said, defensively it won't afford as much and really, BV doesn't sing until you use the belt, then it's bonkers.
Offensively I think I'd rather use gloves and belt w/ BV, as you said. Even if it's an extra lego slot I'd probably throw the bracers on in case I still need some extra def or Sephuz/Trinket depending on amounts of AoE and/or proc opportunities for Sephuz.
I kinda just hope the reception is lackluster, no one uses it, and they change it to something useful or creative. I don't think it has to be OP, but as it stands, like Toybox said, i see it as having a minor niche at best somewhere in the middle ground; it doesn't really create choices in the two most common scenarios of farm or progress.