Ithilmar is already virtually invincible, further protection is redundant.
Regeneration is important because we can potentially leverage that into a cheaper Active Defense for future ships. Sure, Grav-Shields and Holofields are a hell of a wombo-combo, but a single Conversion Shield is probably cheaper on the Systems slots, which opens up new possibilities.
EDIT: Oh yeah, it's Go Time
[X] Plan: Banging Out The Dents
-[X][Steward] Design a Detachment (2 AP)
-[X][Steward] Form and Function to Feed a World (3 AP)
-[X][Steward] Design a Frigate (4 AP)
-[X][Steward] Delve the Vaults (1 AP)
-[X][Bonesinger] Assess the damage to Vau-Vulkesh's engines (4 AP)
-[X][Bonesinger] Continue ship repair (1 AP)
-[X][Bonesinger] Begin refitting the Dragonships of Quilan (1 AP)
--[X][Bonesinger] Also offer Grav-shields (+1 AP)
-[X][Bonesinger] Refit an Escort (3 AP)
--[X][Bonesinger] 9x Damaged Lance Cutters to Nettle-class Escort Cutters
-[X][Bonesinger] Forge Actions
--[X][Bonesinger] 2x Wargear Production (10,000 EP, details TBD)
-[X][Seer] Present: Where are the Freebootas threatening Val-Terrine based
-[X][Seer] Future: What will be the strength of the next wave threatening Meros
-[X][Seer] The Flaw, The Curse, The Claim (5 AP)
-[X][Seeker] Reverse-engineer Grav-weapons (2 AP)
--[X][Seeker] Gravetic-Oscillator Weapons (+2 AP)
--[X][Seeker] Gravetic-Implosion Weapons (+2 AP)
-[X][Seeker] Reverse-engineer Plasma Blasters
--[X][Seeker] Power (+1 AP, +.5 turns)
--[X][Seeker] Range (+1 AP, +.5 Turns)
--[X][Seeker] Lower Cost (+3 AP, +2 Turns)
--[X][Seeker] Compromise: Safety (-2 AP, -2 Turns)
-[X][Seeker] Reverse-engineer Conversion Fields (2 AP/turn, 3 turns)
--[X][Seeker] Regeneration
-[X][Warrior] Muster a Fleet
--[X][Val-Terrine] 1x Combat Brig, 4x Battle Carracks, 8x Assault Ketches, 12x Lance Cutters
--[X][Val-Terrine] Deploy Hearthguard Iron Fist and 1st Heavy Militia
-[X][Warrior] Disband Detachment (4 AP)
--[X][Warrior] Militia Line Detachment x4