It has already been stated a few times in this thread that leech is not a problem with the set. I can attest to that fact as there was a time when I used a 6% rare life leech ring and a 14/4 Crescent Moon amulet. With 19% total mana leech, I would gain mana with a successful hit.
I now use a dual leech ring and replaced Crescent Moon with Highlord's Wrath to achieve a 9/3 attack. I have only 6% life leech, which seems meager until you consider that you have multiple arrows hitting multiple targets. It's more than enough and I have a good amount of hit points to serve me well in the first place.
The only drawback of the set would be pure physical damage, but I don't concern myself with that much because I can still kill monsters at a decent rate. With cold damage charms, I have a couple seconds of freeze time in Hell difficulty, and you can do a lot in those couple of seconds. I subscribe to the freeze and burn school of thought, and a maxed Immolation Arrow is a nice complement to Freezing Arrow. Depending on the area, I use Multishot or Strafe as my primary attack. I only use Freezing Arrow for crowd control when soloing and for times when there is no Necromancer or Druid that uses monster corpses in a party.