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@dpencil1 could you be bothered to update this thread and the calculation ms with the nerfed values of necro and the fact that the master staff doesn't have max magic?
This build maximizes the amount of base magicka that Ancient's Grace can effectively increase. Real-world builds would be a bit less specialized, so Ancient's Grace would lose some potency in practical applications.
Effective Spell Power is a measure of many factors of a build to determine its overall power. As a general rule, higher means more powerful.
With jewelry disabled: 55901 Magicka, 9063 Effective Spell Power
With Ancient's Grace: 63805 Magicka, 10882 Effective Spell Power
With Spinner's (4pc): 63796 Magicka, 11089 Effective Spell Power with staff active; 10880 ESP with staff inactive = 10984 avg ESP
With Willpower: 62348 Magicka, 11001 Effective Spell Power
With Moondancer (4pc): 61995 Magicka, 11408 Effective Spell Power with staff active; 11191 ESP with staff inactive = 11299 avg ESP
So we can see that while Moondancer has the lowest max magicka out of the sets examined, it has the highest avg effective spell power by about 300 points.
Ancient's Grace loses about 100 avg effective spell damage to gain only 9 more magicka than Spinner's, and Spinner's will not be negatively effected by investing less into max magicka boosts.
Willpower beats Spinner's in Effective Spell Power by 17 points assuming 50/50 time on the front and back bars with Spinner's. More time on the front bar with Spinner's could let it equal or slightly surpass Willpower.
Switching out one of the mismatched monster set pieces for the 5th Spinner's piece will be more advantageous if you are not going to be near the penetration cap. If both monster set pieces are matched, you will lose some magicka but gain the benefit of the monster set, which will often be the best choice.
So...Ancient's Grace remains a sub-par choice in any circumstance. If max magicka is your goal, you are better off with Spinner's or another 2 max magicka, 1 spell damage set. Willpower is basically equivalent in terms of power and allows you to run a Master or Asylum staff. Trials set 3/4 pieces are best in dungeons/trials but nowhere else.