Star Knight is one of the best sets in MH4G:
Overall visually decent.
Comes with great skills (Challenger +2 / Mounting Master / Steady Hand (Razor Sharp / Mind's Eye)) and 4 points of Handicraft.
Top tier defense with all elemental resistances at 5 (no weaknesses).
There are 11 slots in total (3/1/3/1/3) for customisation, god tier of flexibility.
Given such a strong set, of course it is not that easy to build. However, considering that this is a set from a download quest and most required parts can be obtained by grinding that single quest, which is not that cheap but overall okay in this ridiculous game, Star Knight set is definitely worth building. With top charms, you can come up with top level bases like:
Base A: With Charm Handicraft6/Attack14/S3, Sharpness +1 is realised with 14 points of Attack. Additionally, there are 14 slots (3/1/3/1/3/3) remaining excluding the weapon.
Base B: With Charm Handicraft6/Hearing6/S3 and some jewels, Sharpness +1 and HG Earplugs are realised with 7 slots (3/1/3) remaining excluding the weapon.
Some may argue that the listed charms are only "theoretically" possible. However, you can build a decent build with Star Knight set even with much inferior charms. Others may argue that Mounting Master is a wasted skill, unless combined with Insect Glaive. An absolutely insightful one, and the main reason I indeed show Insect Glaive in the examples below.
For Insect Glaive, you can pretty much utilise this build until the end, almost perfect.
For other weapons, only but still a decent build, and I agree that there are better options.
With Base A, in addition to its previous skills, you can have these as well:
Attack Up (Large) / HG Earplugs
Attack Up (Medium) / Evasion +3 (God Tier)
Attack Up (Large) / Rock Steady
With Base B and a weapon with 3 slots, in addition to its previous skills, you are left with 10 slots (3/3/1/3) for customisation. In particular, you can consider adding 2 convenient skills with 5 slots each, and there are a bunch of them. Some examples are like:
Fire Res +15 / Negate Tar (For Gogmazios)
Thunder Res +15 / Halve Stun (For White Fatalis)
Ice Res +15 / Negate Mud/Snow (For Ukanlos)
Remember that Star Knight set comes with all elemental resistances at 5, genius design!
Before knowing the existence of Star Knight set, initially I planned to take MiDoKuDoMi as my final build. This build is not easy to build at all, and argubaly requiring more time and effort than Star Knight. The key feature of MiDoKuDoMi is having Honed Blade (Sharpness +1 / Attack Up (Large)) without any guild armour pieces, any jewels, nor a charm.
However, in the end, I hardly used MiDoKuDoMi at all, because Star Knight set is simply a better take. Using the following as a quick comparison:
MiDoKuDoMi Build: Artillery Expert / Challenger +2 / Razor Sharp / Honed Blade / Latent Power +1 / Rock Steady (with Charm Sharpness7/Artillery14/S3)
Star Knight Set: Attack Up (Large) / Challenger +2 / Mounting Master / Sharpness +1 / Rock Steady / Steady Hand / 5 Slots (with Charm Handicraft6/Attack14/S3)
Common Skills: Honed Blade / Razor Sharp / Rock Steady / Challenger +2
MiDoKuDoMi Remaining Skills: Artillery Expert / Latent Power +1
Star Knight Remaining Skills: Mind's Eye / Mounting Master / 5 Slots