Pearlwood Greaves

Pearlwood is Hardmode wood, and Hardmode is exactly the point where wooden armor stops being a real option. By the time Pearlwood exists in your world you have broken altars and started turning up cobalt or palladium, and any of those sets protect you several times better for a similar amount of walking. Crafting the full outfit is a completionist errand, not a gearing decision.

There are edge cases, and they all involve secret world seeds. A few of them either start the world in Hardmode outright or cover the surface in Hallow from generation, which means pearlwood trees are growing near your spawn before you own a pickaxe that can touch Hardmode ore. In that narrow window the Helmet, Breastplate and Greaves really are the best thing available, because the alternative is plain wood or nothing at all.

Treat it as vanity or as a display piece. The pale sprite suits a Hallow themed build, and the material is cheap enough that keeping a set on a mannequin costs you nothing. If you do wear it seriously, wear all three pieces, because the set bonus is the only thing the armor has going for it beyond the pieces themselves, and it is thin.