Complete Guide to Vainglory's Hidden Stats and Calculations (by an Engineer). by BlueBadger

i read that question and think you mean something different... if so, ill add that while maximus is right about that generality on stacking up wp first then adding crit to it, that isnt always right. if you meant 'should i build crit or lifesteal when i am using X item?', im not sure anyone found out all the info.

i mined some data awhile back to try and understand something else better (was really applying to wp baron and the dmg to nearby enemies), and did end up concluding this:
-burst damage from tension bow is NoT increased by crits (stormcrown dmg isnt either)
-armor shred lets crit damage scale up faster, but without stacks built its a weak boost. once stacked up, crits make armor shred much more effective.
-armor pierce seems applied after crit dmg calculated, so crits become less effective as a damage multiplier.

i did not pay attention and watch for lifesteal increases with any manner. could be interesting to look into

You typically build crit when you already have a decent amount of WP then getting crit items to do a ton of damage although getting crit can be pretty situational because you might need some other items before you get crit. You can increase your health regen by getting a Fountain of Renewal or by getting a Lifespring.

Simple answer is no.

The more complex answer is this:

Celeste & Lyra have the lowest inherent WP in the game at 10. (this isn't taking into account that their basic attacks also deal crystal damage). The most armor you can build through items would be 6 metal jackets which would give you 1020. You'd need 1901 armor to cancel out 10 weapon damage.

Phinns perk would bump that 1020 to 1173, and his inherent armor at level 12 is 86, which makes that 1259 armor. With that much armor even Celeste or Lyra would still deal 1 weapon damage.

Catherine has an inherent armor of 80, plus the 1020 from 6 metal jackets would make her armor 1100. Her perk grants her 1 armor every time she stuns or silences an opponent, so she'd need to stun or silence someone 801 times to cancel out Celeste or Lyra's weapon attack. The cooldown on her stun is 13 seconds, so you'd need to stun someone every 13 seconds for nearly 3 hours in order to build up enough armor.

Keep in mind this is an example using the lowest inherent weapon power stats in the game. The next lowest to the 10 of Celeste & Lyra is Reim at 80, so you can imagine how much more impossible it would be to cancel anyone else's attack out.