You can make some really versatile PvM templates with jewelry. But I will agree that you need to keep the skills the masteries check as real skill.
For weapon skills, the real skill required for special moves was lowered, so you can use a lot more Tactics jewelry, for example.
I have several characters that have 805-840 skill points due to Jewelry and other +skill items (some talismans, , spellbooks, clothing, and armor pieces give skill, the latter two categories being loot drops like artifacts).
For example, my main tamer/bard has Taming mastery, but thanks to jewelry, talisman, spellbook, and another item or two has 6x120, and 100 magery (120 real taming, Lore and Provo, 120 with equipment Music, Disco and Vet).
My Taming/TH is similar (760 points), with real skills 120 Taming, 120 Lore, 100 Cartography, 100 LP, 100 Remove Trap, with 120 Vet and 100 magery via equipment bonuses.
My main spellcaster has 770 points (50 from items, but 10 is in a skill I don't use) is 120 Magery (real), 120 Mysticism (+20 Ring), 120 Spellweaving (real), 120 Focus (+10 from Talisman), 120 Eval (real), and (depending on configuration at the time) either 120 Fishing (real) & 40 Med, or 100 Inscription (real) & 60 Med (10 of the med, and an additional +10 Resist Spells, on Ring).
The highest skill totals are on my melee characters, including a Blacksmith/miner that's a chiv/Macer, that goes out deliberately mining for paragon ore elementals in Ilshenar.