Fenderputty
Banned
That's the basic math, but I don't think it works that way. Some skills aren't as straightforward with Lifesteal % as Life on Hit is. Remember there are abilities that inflict a % of weapon damage, some over time, some extra damage, some hit multiple targets. etc.
Life Steal scales better in certain instances though too doesnt it? Such as with AoE attacks. You can also build you character around slower attacks with high crit chance to allow for a more offensive build.
I'm interested in going this route with my monk come act III, but it seems like such an expensive proposition for me. Though ... Act III seems like that anyway I guess.