I'm only good at archer stuff but here's some input:
Hit% MAY be negligible considering that this value is capped to some degree (I've only tested this in AO3: Close Encounters, so it MAY variable across campaigns as well), as having 100 hit% does not mean you'll hit 100% of the time - you will still MISS (DODGE is completely different, as this is dependent on enemy's DODGE value).
I've been looking at the mage stuff and it looks like its not as clear cut as Archer's lv 50 vs Balefort Sewers equips (in that certain BS gear totally outdoes lv 50 gear). Royce pointed out skill damage is important (something you forgot to mention) but crit IS valuable as well to skill damage (something Royce forgot to mention). 8% crit on MM vs 25% crit on Shadows, while 225 damage on MM and 186 damage on Shadows is quite a hard thing to weigh the pros and cons against. Maybe you can calculate skill damage accumulation WITH crit for both sets.
Of course, this is all on paper as Royce said. When I tested out lv 50 archer sets, they differed in stats but all performed similarly on the field
![Stick Out Tongue](images/smilies/tongue.png)
And I've played with too many mages that sucked with MM gear and mages that were awesome with Shadow gear, and vice versa. But for pure discussion's sake we'll just leave player skill out of it.
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