Lucky only increases the weight of properties on looted gear. It supposedly has zero correlation to special drop chances.
When a mob dies, a random person is chosen from top-attacker list (~10 people, more for big bosses) and their luck amount is applied to the loot generated.
So if that list is full of 10 people with wildly disparate amounts of luck...the generated loot could be no better than average.
Unless you're fighting things completely solo, luck is a crappy property.
Regarding the statue, I think it needs three changes:
- The timer should reset at server up, not 25 hours after last use
- The length of time should be increased to 3 hours to encourage play
- or allow multiple, consecutive individual statues to be used
- Increase the amount of luck granted for older accounts past what it currently is