Solid writeup.
Personally I'm not a fan of Depravity. Charges and a cooldown is one too many constraints. Either would be fine. It also kinda sucks when you first enter a quest and have 0 charges especially in R10. I find myself not shrining simply to keep the Depravity, which is a bit counterintuitive. Depravity is irrelevant in early heroic quests since it builds so slowly, which is a feels bad situation when you purchase an ability but can't utilize it.
Even with FvS+Wizard past lives, I find Spell Pen is enough of an issue in Myth Drannor content to be annoying.
Still waiting for SSG to fix Dread spell critical augments for Light/Alignment damage. I assume you'd incorporate that into your gear if they worked.
I can see that with Depravity. I think it's a fun system to play around with in R10's but I agree it is annoying to start at 0 and I often skip shrining to keep it. In heroics, I leveled using burst and T5 Enlightened. Swapped to blasting at 20 when I could get 1 charge every 1.5 seconds. Didn't have to worry about super low heroics due to being the iconic instead.
My spell pen at cap is 71, which is no fail on everything. The undead form giving +10 is the biggest reason for that. Without it I would need to change something around to be able to hit every endgame drow. The biggest issue is that things like Mass Frog don't properly calculate spell pen so it rolls at a 57 iirc. Means it can miss sometimes on super high SR endgame mobs.
Yeah, if they ever fix that I would change lots of stuff around in my Dinobone Cloak. For now, I run a set of force crit and some other stuff I could augment elsewhere. Just a quick swap should SSG ever make it so the dino crafted stuff works.