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What am I looking for here exactly?

Rimeheart and Frost-EQ is sadly quite dissapointing.
EQ ticks slowly, and very rarely procs the shatter effect on mobs frozen by it.
Also, it's not like the whole group of mobs you froze are being shattered, as each mob has a separate chance to be shattered.
In my experience you'll see 1-2 mobs in a group of 10 shatter for you (at best), and by the time they do,
your freezequake has already worn them down enough to be dead within the next second or less anyway.

Maybe if we had a bit more fury (like with earthen might previously) we could find it more useful by
using a aoe spender like Seismic Slam to try and proc the effect after the last leap. Not sure.

I imagined their idea was to have legendary versions of the current gems. So a legendary ruby, would give you, say, 2000 strenght and perhaps a simpler bonus like doubling or increasing all stats on that particular item or something like that. Rings and ammies only, like mentioned.

But there are some really interesting ideas here. Good read!

Did you max out those 10% you get from paragon points? I don't think the armory calculates those.
But yes, there are diminishing returns at play with CDR, though I'm not sure at what point it starts to kick in.
Someone mentioned 40% ish.

Most people don't do this kind of thing, so if Blizz is going to nerf chests because a niche group of players torment themselves for hours on end, that's not very smart. Those who chose to do this kind of thing for hours and hours, nevermind how silly you may think of it, are actually doing some pretty hard, mind-straining work to get those legendaries.
Let them have their "fun" and enjoy the game their way.

I find drop rates in general are fine.