Justice is a fan-made global mod.

Granting incorporeality doesn't compensate for the -1 to initiative in any way; there's no logic behind it. A +100% increase to survivability (thanks to the ability) cannot be offset by penalties like -10% to initiative.

Percentage-based defense is useless to measure because only the difference in stats matters. In short, it's enough to reduce HP to the level of 100 (i.e., almost twice as much), and then no other stats need to be adjusted.