When it says Resist All does that include physical damage?
No, just the 3 elements and poison. PD is defended with defence.
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Defense doesn’t reduce damage taken it reduces chance of getting hit by physical attacks.
If you load a barbarian and read what the skill says it does, you’ll read what it does.
http://classic.battle.net/diablo2exp/skills/barbarian-combatmasteries.shtml#naturalresistance
Natural Resistance gives Resistances to Lightning, Fire, Cold, and Poison
Also 
It would be nice if it provided resistance to physical damage ( and magic damage )
Physical damage reduction would open up alot of choices for items, rather than being restricted to the same few on all end-game builds