400 leadership is more important at the early part of the game, but is less significant once you hit 10,000+ leadership. After that, the +16 rage/mana is more important.
I myself did not immediately use the rats. Midway into the dwarven lands, and when my paladin was getting 700+ leadership gains during level-ups, that's the time I used up the rats. I actually timed it during a level-up at level 14 wherein I got 700 leadership. So that ended up like +300 leadership/+16 rage/+16 mana.
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