I have seen it argued both ways.
I have tried it with a luck suit of 1200+ and I used the 10th anniversary sculpture which boosted my luck to over 2000, Used the exact same type of tool each time.
Then I used the same type of tool without any luck.
Made the same type items, got some crappy, some good, some godly.
The only "luck" you need to worry about and that you can not do anything about is the random number generator that determines the values and number of mods on your created items.
I suppose you could light candles, make sacrifices to the rng gods, it might help