I'd keep Theoden for the ESP alone. My Angband games I tend to think of in two halves pre-telepathy and post-telepathy; it feels like things only really get cooking once I get ESP.
Honestly -1 speed is nothing, I know it's a mental hurdle but in the later versions of Angband it doesn't make quite such a difference. However, the advantages of seeing nearly all the enemies and their movement (or not) is vital in surviving. You can either safely kill an enemy in Angband or you can't. ESP gives you the time to make these decisions and pick off what you can kill, and avoid that which you can't. Just look out for ants and other mindless monsters
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