For starters re-roll that flail until you get a socket. Put the biggest green gem you can make in it. Then find some rings amulets and gloves with crit hit chance and crit hit damage. Just try to concentrate on Strength, Vitality and all resist. Make sure to use you paragon levels to fill in gaps. If you can get up to 600k damage and around 10 million toughness you should be fine for T1.
I have put some very nice gear on the RMAH. Not one piece of it sold. I then sold all of it on the Gold AH. And sold the gold on the RMAH. Does that mean i will get more legendary drops?
Another thing that has not been mentioned. Invest in some pick up radius gear. You would be surprised how much extra gold you make. Also, if you have an item that you think will sell put it up for bid with no buyout. I had a butcher's sickle that i put up starting at 1 million. It sold for 80.
How is your survivability? I didn't see any life on hit or life steal on your gear. Personally i would save for a Life steal or 700+ life on hit socketed Echoing fury.
I've made around a billion gold doing the Alkaiser run. Just stick with it and the good drops will happen.(Well,except for witching hours, ice climbers and lacuni prowlers. I think blizz secretly removed them from the game.)
I have had 5 Immortal king's chests drop in the last couple of days ( in 5 hours played). I kept two for my wife and my alt. And sold the others for 150 million.
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http://us.battle.net/d3/en/profile/encanta-1498/hero/45490200
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http://us.battle.net/d3/en/profile/Encanta-1498/hero/31244274
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You can get a pair with 225 dex and about 70 vitality for 100 million.
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