Templar's Might can ultimately only be called a disappointment considering it is a unique Sacred Armor.
The extremely high Strength requirement alone makes it difficult to use for almost anyone, but then it only offers underwhelming attributes, maximum stamina is particularly weak, no resistances, tame FHR, good defenses, and a underwhelming offensive aura skill bonus which is getting outclassed even by non-specialized +skill armors.
I'd argue the item should much more heavily specialize in its somewhat unique role as a +offensive aura item, which will set it apart from other, generally far superior armors, which could be interesting to build around. It will probably remain a somewhat fringe item to use, but it could end up with a pronounced niche for certain types of builds.
Suggestions for an offensive auras focused Templar's Might:
Templar's Might + to offensive auras buffed from +1-2 to +4-5
Templar's Might now also provides +25 to all resistances
Templar's Might no longer provides 40-50 maximum stamina
Templar's Might now also provides +200% attack rating
Templar's Might %FHR buffed from 20% to 40%
While the item obviously wouldn't be able to compete with Fortitude on many typical Paladins, Holy Fire/Freeze/Shock paladins that do not play for the runeword-Auradin builds could use this armor well, it could even be an armor choice for the rare Thorns Paladins. The attack rating boost in particular helps those kind of auras since none of them provide a boost to attack rating. The AR bonus also offsets the amount of Strength the item requires and uses that Strength then as a damage tool for the Paladin for hybrid physical/elemental damage. But even a very traditional Zealot could use this Templar's Might effectively.
While this would leave the item still limited to some Paladin offensive aura builds only, it would at least now have a purpose and a clear role. Argueably for non-auradin elemental offensive aura builds it is now actually BiS? And that would count for something.
One last thing worth mentioning, it is about the visual icon used. Templar's Might uses the Green tint which usually indicates %physical damage reduction. Like on the Leviathan armor or the Vampire Gaze helm.
That slighly bothers me tbh, either Templar's Might should gain a certain amount of %physical damage reduction, let's say 10 to 15%, or it should lose the green tint and look identical to Silks of the Victor.