A first life tank is fine for LH raids and R10 questing - MD gear makes is much easier than before. I have 85 action points due to expansions and did use a +8 tome and lesser +1 to remove the fighter level from PDK. I spent 75 fragments to put the reaper AC bonus on my armor. I like PDK as it gets charisma to hit and damage for 3 AP which is exactly what I get for free from the top myth drannor package. I also got a quick 21 reaper points for the extra 120 hp before % bonuses.
Certain roles like tanking and healing are pass/fail jobs. You can either do them or you can't and for casual raiding a first-life tank passes. I used to have one my main characters as a tank and of course he could get much higher stats, but it felt like a waste as those extra #s weren't needed for casual raiding or R10s. There are better more experienced tanks than me for push raiding so I would leave that to the experts - and at the moment I am not doing anything above casual raiding.
You can get the hp, prr and mrr slightly higher but I went for more absorb instead.
You won't need a dedicated healer with you for raids like killing time and threats where the party is in a different location. I tanked about 20 LH threats raid with this build. I tanked R1 VOD once and that is the extent of reaper raiding for this character excluding the easy ones like DOJ and Mark of Death.
There are a few very minor changes such as taking more fire absorb instead of electric absorb since Threats is the new raid.