Regarding the hit chance formula, i'm pretty confident it must be way off p99 and live. I tried, as a wood elf druid, to kill 5-6 white cons ranging from skeletons, to bees and wolves and failed every time. the mob would hit me for 4-6 damage 5 times and i'd be dead.
Are you sure the hit chance isn't suppose to scale on a level basis for even fights? ie. lvl 1 hitting lvl 1 should have 50% chance, but lvl 50 hitting lvl 50 should have 90% base chance, since at that time you already have +agi and +ac to mitigate? (Numbers are just examples)
Also it might be that the damage formula is off, as almost every single hit was a full hit (making the cracking of bones noise instead of the ugh noise)
I'm open to discuss this and do some research/testing if someone is willing to support
skype or irc