Just a quick thought on this.

Miner's luck changes drops 100% of the time should a mob have a higher drop-able item. This involves a new re-roll canceling out the lower drops. However, since I believe vanities are also rollable, be it on their own wheel unlocked by a number on the first wheel, or simply just a very rare number on the first wheel, could a re-roll caused by this elixir also mean another chance at re-rolling the vanity? Since vanities are like recipes and can be gotten with another drop, who's to say you can't roll this number on your re-roll?

There's no proof it works and no proof it doesn't, and I doubt Devs will clarify this...but justa thought.