Updated
Apologies for the lack of updates lately; been quite busy.
A few notes:
1) Mjoed pointed out I was using flametongue totem instead of totem of wrath for the spell dmg buff. I have corrected this which results in a 90 DPS gain.
2) I took the
work done by Mjoed and applied it to the basic parameters used for this thread, namely Tauren racials only. I was very surprised to see that the axes sim higher than the cudgels. It was my assumption, based on general anecdotal experience as well as consistent EP value calculations, that crit equates to more DPS when past the hit cap. Obviously this is not the case. I can only assume that hit does not scale in a linear fashion, and at this level provides slightly superior DPS vs. crit (axes provide roughly 12 DPS more than the cudgels). I am thinking this might have something to do with the increased ArP we have with this gear set, but did not test it in detail.
I did some playing around and found that Hit and Crit provide almost identical DPS until you hit about 550 Hit, when crit becomes better or when you fall below 420 Hit, where Hit becomes better. These are pure DPS benefit values, not EP values since any EP calculation I did consistently said that Crit was about .20 higher than Hit. I think this needs a lot more analysis as tbh, I cannot yet properly interpret the results.
TLDR: Hit is identical to, or better than, Crit at this amount of Hit in terms of DPS gained. This makes the Axes better than the Cudgels for all races.