Couple more thoughts for you.
I think 1144 luck gets you a 50% chance for a loot bump. 1454 gets you a 57% chance, as luck is on a diminishing return scale.
You can try balancing "risk v. reward" with your suit, depending on what you're hunting.
My highest luck suit is 1454 with 100% LRC, FC 1 and crappy resists. I can run around in Destard all day with that and never worry (I'm a tamer/thunter).
I usually hunt with it tuned down a bit, 1253 luck, 100% LRC, 1/3 casting and 60's resists. I can survive almost any hunt with that. Enough to run and cast invis anyway.
I also have a "battle suit" for tough places or major hunts that's really a pure mage suit: 131 luck, 63/70/61/69/75, MR 14, LMC 40, 2/6, etc...
I guess my point is, one suit won't do it all. Dress for the event when possible.
It's taken me years to build these up. That's part of the fun for me, but I used to chafe when I'd see someone strutting in the AOF.