It is possible, though you can have more popular equipment for about the same price. And probably be more effective - damage wise.
A popular setup is something like this:
helm: peasant crown - or something with res if you need them.
armour: peace is an option, cheap as hell and has +2 skills. A more defensive option is viper magi. Res, +1 skill and (magic?) damage reduction.
Shield: you can keep you orphan's sheild for massive block. Put a res all gem in there and you have a defensive shield. More offensive would be spirit if you have a monarch or an other +1 skill shield. And think about rhyme -cannot be frozen - if you don't have a raven frost. If you find a nice rare, this is possible too though try getting some skills if you can.
amulet: again some skill, or res if you need. If you plan to have a bow on switch for using freezing arrow you can keep eye of etlich for massive freeze.
gloves: try shopping for some +3 skill gloves with 20 ias.
belt, get razortials, this is cheap and is end game gear.
boots: you can keep the waterwalk if you want, though have a look at Silkweave if you have mana problems.
ring: raven for cbf - or rhyme shield. And some other nice thing. Not that important.
weapon: titan, most important and you have one.