Spell - Equip
The equipped monster cannot be targeted for attacks, but does not prevent your opponent from attacking you directly. The equipped monster can attack directly. If the equipped monster would inflict battle damage, gain an equal amount of LP instead. You can only control 1 “Saturated Rain-Bow”.
How about making an absolute defense out of your offense? The card can single-handedly make you a comeback if you have the right kind of monsters. However, you sacrifice dealing damage and then winning later on, so you’ll have to continue using different methods. While it doesn't protect your LPs, it can definitely bring you back from the brink if you can't defend yourself with something else.
I’m thinking the card's power level should be around the same as the Equips that have worked before, like Mage Power and Moon Mirror Shield, which are cards that can completely change the game landscape. I think there’s a “right” and “wrong” way of doing generic equips, so for DPR I plan on making Equips the right way.
Or I’m completely off and no one would ever use this card.