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For pure soak (stamina + armor + block value, no hits avoided, and usually not all of them blocked), I use these estimates (based on wowwiki armor formula and a spreadsheet I put together some time ago):
211 armor = 1% more hp
1 stamina = 19 armor (less if it's multiplied by inspiration, I don't because I'm worried about worst case - ie, inspiration/ancestral fort falls off)
1 stamina = ~12.22 hp for a Tauren tank, raid buffed.
1 block value = 1.3 blocked * 3 hits to death = 3.9hp
For block value, you multiply by the number of hits it takes the mob to kill you. For a boss hitting for a typical 4-5k, I usually say 3 - worst case on mag for instance is shield block->simultaneous hit/cleave -> mob parry -> crushing -> block the next hit. Likewise for Tidewalker who can hit, quake (eats a shield block) and continue hitting you.
Don't forget the 30% bonus from the talent.
If given a choice, armor and block value are better investments than more stamina, as they reduce your total damage taken, while stamina merely gives your healers more time to react - although stacking stamina is definitely what you should do first, as it's the easiest way to up your burst damage survivability (which is paramount).
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