There's also the Staff of the Underworld, and we'll have to figure something out for it. We could, of course, try to give the hero a bonus to initiative, but I don't remember how to do that with scripts anymore. The initiative bonus should be 25%, as I understand it, to compensate for the 20% initiative reduction.
The remaining artifacts can be removed and compensated for with stats.
I think the opponent should assess the risks when equipping the Staff of the Underworld, the Ring of Speed and Swiftness, and a bunch of dragon artifacts all at once.
Maybe just a "Ring of Unwavering Will" that cancels the effects of the Staff of the Underworld, the Ring of Speed, and the Ring of Swiftness for both sides.