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My mage is Hellshero on the Windrunner realm.
I've been collecting crit gear, and my self buffed crit is something like 36.5. With raid buffs and and full debuffs on the target I'm often over 50% easily. I do 100% crits on loatheb.
So, the point of this post is, I recently decided to take living bomb out of my spec and move some points around, and by just using FFB and dropping hot streak pyros when they're up, I've increased my DPS by a LOT.
My thinking is that since the dot component of LB doesn't benefit from crit, I'm better off spending the global cooldown time on casting a FFB, which can proc ignites and can crit for the big crit bonus.
Also note that I use a macro for damage cooldowns, and trigger it during the first bloodlust of a fight. My macro is currently:
Depending on the fight I'll either cold snap to continue icy veins during the first bloodlust (often the only bloodlust these days), or I'll wait for icy veins to recycle and then hit the macro again to blow whatever is off cooldown, then cold snap and icy veins again to finish out what is often the "molten fury" part of the fight.
Before, with living bomb in my rotation, I was barely keeping ahead of our resident frost mage (who can squeeze amazing dps out of a frost build). Once I took it out, I'm topping the damage meters in almost every fight (even against hunters and death knights).
I think maybe the numbers in the OP might need some tweaking in light of this, as I still see LB touted as something you should keep up at all times.