The Rogue probably has the best survivability of any of the Thief classes.  The armor restriction is a slight obstacle, but a little work on the lockpicking skills will qualify the Rogue to join the Julianos temples and create any items that he needs.  The extra hit points are handy and lessen the need to build END as quickly as some of the other classes.  The Rogue gains levels quickly and should easily reach 3rd level by the time he gets out of Privateers Hold provided he pickpockets everything in sight and rests frequently.  The decreased INT looks bad, but since the class wasn't designed to be a spellcaster it is more than offset by the increased STR and AGI.  The unfortunate trade-off is the decreased LUC which influences almost everything the Rogue does.  The only skill which will be difficult to develop is Dodging.  Best advice on Dodging is to find a crypt somewhere with a bat or rat in it and let them munch on you for a while (make sure you're near a temple so you can get your diseases cured).  Because of the high Stealth and armor restrictions, the Backstabbing comes much easier as the game progresses.

The Rogue will be offered the Ebony Dagger as a choice in background development, but with his Short Blade skill somewhere around 3% - 5%, it will probably be a wasted choice.  Because of this, the Rogue will need to hustle to get suitable weapons  or resort to Hand-to-Hand in Privateers Hood (remember, Imps require Steel or better to hit them).