@Dagoth_Rac thanks for the explanation man, super helpful.
So just to make sure this has sunk into my thick head correctly. If we use spell resistance for an example, the player is using 5 pieces light armor, 2 sharpened swords and has elemental proc'd on the boss, they'll be copping roughly 6.2% mitigation loss. [(18200 - 5160) - 5088 - 4882 = 3068/100000 * 2 = 6.2%]
So when thinking about this in the form of build crafting, if we had a 5th set piece free with those numbers, we would only benefit from equipping spinner's garment's 5th piece if we couldn't increase our damage by more than 6.2% (through improving magicka pool/ spell damage etc)? Anything that would increase our damage by more than 6.2% would lead to a total dps increase over trying to remove all resistance?