Change the way Last Stand works, from having a cooldown to increasing the XP cost exponentially.

[MagicJinn]

I understand why Last Stand works the way it works currently, so people don't just get a set of Last Stand gold armor and keep it for the entire playthrough, especially in Masochist Mode, but it has some problems:

1. It's extremely luck based. If 2 enemies happen to hit you at the same time (or rather, 1 tick apart) they will usually kill you.
2. It's stronger against individual enemies. Sort of the same point as 1, but fighting against a swarm of weak mobs is way more dangerous than fighting an extremely strong boss.
3. Certain attacks and effects are way more dangerous than they should be. Attacks that inflict fire or wither damage alongside their regular base-damage are disproportionately strong, since they deal damage twice. Examples of this are the Hydra's fireball, which usually instantly kills you.

The solution: Exponentially growing XP use.

If damage taken goes below your current health, Last Stand consumes 50-8 XP for every extra point of damage damage * 50 / level, linearly. Instead of this, I'd suggest (50 / level) * (1.1 ^ damage), but you can tweak this formula to your liking.

This would get rid of the unfair/rng element, while still punishing players hard for relying on Last Stand, and Masochist players especially hard.

[TheComputerizer]

This is a very good idea

[MagicJinn]

The fact that you are immediately on board makes me very nervous, but glad to hear you like it...