I think it depends on exactly what %damage your EShield will absorb with +skills factored in. Regardless, for just about any Sorc build (and any HC build for that matter) your priority is to have as much life as possible... then try to get your mana as close to that number as possible without going over (to avoid blood mana) and without sacrificing life, +skills, resists, etc.
Of course if you're just running Meph you could always go for an all-energy no-vit build, but I wouldn't recommend it.