I like the math, but I dont see anywhere an endorsement by EAMythic about the validity of your solutions.
Frankly, the only useful piece of info is in the beginning when you mention RNG *laugh* The rest is sorta pointless. The RNG immediately means that no amount of math can account for just how broken the RNG is.
And if you are swapping out items before killing blow to max luck, just how long do you think it takes the game to update your luck score to use for determining the loading of loot on the killed mob? These things are not instantaneous you know.
Anyway, I spent a great deal of time empirically testing luck awhile back, and I also performed the same tests recently. The findings havent change at all.
So, mine as well max out your armor with good properties and throw luck by the wayside.
But, do as you feel is right