You can keep the "Heart of Clear Water" on the field despite its self-destructing effect due to this card's effect, so that card can continue protecting it from being destroyed by battle or by effects that target it.
Equipping "Metalsilver" and "Raregold Armors" in addition will protect the rest of your monsters from anything except non-targeting effects.
This card however will still be vulnerable to non-targeting effects as well as effects that do not destroy.
Also, your other monsters can still be destroyed in battle if they attack an opponent's monster that has it's ATK increased during the Damage Step.
This card can gain a lot of ATK very quickly with multiple copies of "Mage Power".
Bare in mind that an Equip Card does not have to be equipped to this card in order to be protected by this card's first effect.
This card can make it harder for your opponent to stop the destruction loops with "Flint" and "Ekibyo Drakmord".
The "Ekibyo Drakmord" strategy can still be thwarted if your opponent destroys the equipped monster, because the Equip Card will only return to your hand at the time when it destroys the equipped monster.
Your opponent can defeat the "Flint" loop by destroying all monsters on the field, so that there are no more targets for "Flint" to be equipped to.
You can equip this card with "Dragon Shield" to prevent it from being destroyed by battle or card effects. Since "Armed Protector Dragon" prevents "Dragon Shield" from being destroyed as well, it will practically be indestructible. However, both cards are still vulnerable to non-destruction effects.