Jini is correct in that your new calculations do not factor in recursive LO procs. Luckily for us, it's a geometric series that converges to [% proc / (1 - %proc) ]. In 2.2, this is 0.0526 and in 2.3 it is 0.25.
As a sample calculation I will pretend one has 1000 spell damage and 40% crit. If you don't care about the math and just want to know how this nerf affects you, skip this part.
LB = 563 to 643 = 603 avg
CL = 734 to 838 = 786 avg
2.2
LB: 603 + (.857 * 1000) = 1460
CL: 786 + (.714 * 1000) = 1500
LB (with LO): 1460*1.0526 = 1536.796 ~ 1537
CL (with LO): 1500*1.0526 = 1578.9 ~ 1579
LB (with crit): 1460*0.6 + 1460*0.4*2 = 2044
CL (with crit): 1500*0.6 + 1460*0.4*2 = 2068
LB (crit + LO): 2044*1.0526 = 2151.514 ~ 2152
CL (crit + LO): 2068*1.0526 = 2176.776 ~ 2177
2.3
LB: 603 + (.714 * 1000) = 1317
CL: 786 + (.571 * 1000) = 1357
LB (with LO): 1317*(1 + (0.25/2)) = 1481.625 ~ 1482
CL (with LO): 1357*(1 + (0.25/2)) = 1526.625 ~ 1527
LB (with crit): 1317*0.6 + 1317*0.4*2 = 1843.8
CL (with crit): 1357*0.6 + 1357*0.4*2 = 1899.8
LB (crit + LO): 1843.8*(1 + (0.25/2)) = 2074.275 ~ 2074
CL (crit + LO): 1899.8*(1 + (0.25/2)) = 2137.275 ~ 2137
This nicely proves that crit doesn't matter for our purposes (relative increase in damage output is the same), so we can ignore it.
For the above calculation, the 2.3 LB deals 96.4% of the damage that the 2.2 LB (i.e, a 3.6% nerf). The same is with CL, except it is 96.7%.
In the following chart I've listed the nerf at varying levels of bonus damage. It uses the LB damage nerf %.
600...............1.32%
700...............2.01%
800...............2.60%
900...............3.12%
950...............3.36%
1000..............3.58%
1050..............3.79%
1100..............3.98%
1150..............4.17%
1200..............4.35%
1300..............4.68%
1400..............4.98%
This is in contrast to what previous posters were calculating, if LO did not proc itself:
600...............3.28%
700...............3.94%
800...............4.53%
900...............5.04%
950...............5.27%
1000..............5.49%
1050..............5.69%
1100..............5.89%
1150..............6.07%
1200..............6.24%
1300..............6.57%
1400..............6.86%
So the nerf is around 2% less than what was previously though. Hope this helps.