This may well be moot since I am not sure of the ToT drop mechanics, but...
When I was writing up the charts for Encyclopedia Britannia a long time ago, I did a comparison chart of what your chances would be for a drop of an Ilshnear artie. Note that all of this information used in research was plucked from this very website, Stratics.
What I found was this.... from a baseline of 560, going to 0 luck hurts the odds by approximately 15%. Not surprisingly, doubling your luck up to 1120 raises the odds by 15%. This was true across the board, regardless of the monster in question.
So that basically meant, for let's say a Dragon Paragon, that's 1 in 8 with 560, and around 1 in 10 for no luck. Having a 1120 suit would give you 1 in 6 or 7. Mind you, 1 in 8 is a very high occurance rate, so the disparity will be greater the higher up the scale you go.
So when you get down to it, Luck does help, but not nearly as much as you'd think it would.