I'm a bit rusty on my Palladium Rifts systems, but I'm down to compare/contrast...
As for your edition - it sounds like you're using the older Deluxe Edition. Current SWADE edition has Ley Line Walkers at 20PP and they start with 5 Powers. On top of their other abilities (Like Rapid Recharge - where they get 10PP back per hour - and at Veteran Rank this can be increased to 20PP/hr.)
20PP plus 5 Powers is *beefy*. Because the values of the numbers are smaller, the abstraction of the Armor and Damage values make combat less bullet-spongey than Palladium Rifts could be - or closer to what it should be if your PC is packing serious heat.
Bolt -Does 2d6 damage. 3d6 on a Raise for 1PP. For 2PP the caster can increase the damage to 3d6/4d6. If the Ley Line Walker wants to charge it up for +4PP the Bolt now does 4d6 Mega-Damage/5d6 Mega-Damage on a raise. And there are other modifiers they can apply to their cast like Onslaught - which gives your Bolts a RoF of 2 doubling your damage output for *only* 2PP extra.
Standard Modern Deadboy armor (which is pretty damn good armor) is +6 and +1 Toughness. Most modern armor in the game is floating around +4-5 with no other benefits.
Armor of Ithan - you could cut this different ways. If you want to represent it as the "Protection Power" - then standard cast is 1PP and you'll get 2 points of Armor. With a Raise you get 4. If you want to spend an extra 1PP, you can increase the Armor value to 4-points /6-points with a Raise. If you want to spend +1PP you can make the values Toughness instead of Armor - which negates Armor Piercing quality.
Now if you're a Ley Line Walker and you wanna juice it up. You can spend +3PP (For a total of 4PP) and Protection gives you 6-points of Mega-Damage Armor/+8 with a Raise which stacks with all other forms of armor, natural or worn. And can be combined with the Toughness Modifier but not more armor.
So right out of the gate, the Protection power is really powerful. A regular Ley Line walker is coming out of the gate with the ability to be immune to small-arms and all regular damage (which is the vast norm for Rifts contrary to popular belief, outside of PC's of course).
Since Savage Worlds doesn't do depletive HP/MDC - I think it's pretty close in comparison in play.
The other reality is that since Powers in Savage Worlds have other configurations - like Blast, or Burst, that Mega Damage effects tend to be much higher, which still has corollary effects. A solid wall for instance has a Hardness rating of 10. Most Mega-Damage effects are going to disintegrate it. And the effects of Edges will further make Ley Line Walkers (and other Arcane caster really dangerous - like the Blaster Edge, which increases all damage dice from d6 to d8 and gives all AP effects +1).
I'll have to look at the Palladium edition Ley Line Walker, but their Savage Worlds versions are certainly no fucking joke right out of the box. Are there other concepts that more powerful from the starting gate? I think so - I think the Combat Borg in particular, and the Dragon are pound for pound nastier. But this depends entirely on the Ley Line Walkers power-choices. Once the game starts, the Walker will out-utility them without dropping off the powercurve. They're really flexible *and* powerful.