So few days earlier i have started to code a tool that will calculate and balance items based on wow formula's.Currently what this tool does is:
-Calculate DPS
-Calculate Total Damage Range
-Calculate Average Damage
-Calculate min AND max DMG ranges ( For weapons not all types yet supported )
-Calculate Armor based on material (Leather and Cloth currently only supported )
To Be Done:
-More and even more calculations
Download
http://i42.tinypic.com/10r0io8.jpg