Troll King works much better if you have higher health or resistance (for obvious reasons).
Generally speaking, I would go with either the Master's Bow or the Master's DW pair. Rally/Forward Momentum is too much to give up.
In any case, this patch it is really difficult to justify giving up the options that a two piece monster set provides, and I would trade out the master weapons (or at least one of them) for the additional 5-pc set before I traded out the 2-pc monster set.
Well one example would be Spriggan's on the Jewelry and a 2h front bar.
Paired with Master bow you'll have substantial damage, allowing you to run a defense/recovery set on your body.
Going past 6-8k pen is going to start seeing diminishing returns.
You use Spriggan's with a Nirn 2H and no CP into Pen for optimal damage (the penetration CP star isn't super efficient, so I don't ever put more than 15-20 points into that star anyways).
Don't use divine traits in PvP. Well Fitted, Impen, (and infused of you have impreg armor) are going to be the best.
I would look at the tooltip over the weapon damage, though I usually probably run around 4-4.5k damage fully buffed.
That would include the weapon damage proc on your bow.
Generally for my tooltip, I like my surprise attack to be around 10.5k
You can see one of my builds here:
https://en.m.uesp.net/wiki/Special:EsoBuildData?id=63443
You'll notice that the 10,788k surprise attack tooltip includes the Master Bow proc, but doesn't include the weapon damage glyph (meaning that you can potentially get your burst even higher).