Luck: failure % = 30 + ( Current Luck / 2 )
It's true, you do need to get the Forged Metal Tools to get the perfect 190 Luck (they gurantee that you won't break when you enhance an item). However, much like Cazador, I agree that you really only need the 150, and if you have the patience to make several suits, you can usually end up with fairly good statistics (though not a true Epic Suit that the FMT would get you).
Personally, when it came to stuff like the Tangle and such, I figure that when I get one from a drop that I will wear it, but I'm not going to pay 45-60m for one. The buffs are nice and all, but they aren't THAT nice. The extra 40 points of luck isn't a HUGE difference, even if you do everything else, it's not going to change your final results all THAT much.
2020 and 2260, only a difference of 240 points.
2020 + 200 (Luck Statue as a new account)
2220 + 80 (Max Luck from the Sphinx)
2300 + 1000 = 3300 (100% Perfection)
The total comes out to around 90%, the real bonus is going to come from that Luck Statue as you are here longer and longer. Every year you are here, that number goes up 50 points (soon to total a solid 1k luck on the 16 year anniversary)
So in the end, those 240 points you get from buying the FMT is only a difference of about 3.6%. Sure it's cool to get max luck, but in the end it's your length of playing that's going to play the larger role. After your 5th year, the difference is the same as a first year player (with the statue) and after that you start to rise beyond them.