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Frost doesn't have an inherent miss-rate any higher than fire. It's a 17% miss rate on bosses with 1% of that being impossible to overcome.
My quick math for Eye of Magtheridon, when I first worked it out, was +5 damage/miss percent for Fire and +6 damage/miss percent for frost (2.5 cast time vs 3.0 cast time). You still want a reasonably high hit rate because the Eye won't double-stack... any misses during the proc are a very bad thing. Honestly, I use the trinket and like it a great deal, but I'm not bothering trying to find a sweet spot of hit rating vs damage. I just have about 14% hit and am not overly concerned with hitting the hit cap and the Eye plays like an Icon of the Silver Crescent that I can't control.
Currently, the best trinket option is Darkmoon Card: Crusader and Icon of the Silver Crescent. I'm still gathering the Blessing cards, but that combination is clearly the best for general use until post-SSC/TK trinkets are available.
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