Enchanting required for best +Smithing and +Alchemy gear
Alchemy required for best +Smithing and +Enchanting potions
Smithing required to make the gear.
I don't see where you think we can cut corners. All of our numbers to date have assumed you were able to craft Artifact-Level Legendary Gear.
Speaking of cutting corners . . .
Since we've surmised that Elven Armor can reach the cap with two perk points invested in light armor, why upgrade the heavy armor side of the tree at all?
You've said yourself that you've determined that perk points may be more valuable than enchant slots.
Are Daedric weapons really worth the extra 4 perk points?
Some weapons numbers. The weapons were made with the standard 4 X +29% smith gear and +130% smithing potion. The character's skills for whom these damage values were displayed are listed before each weapon type.
One Handed Weapons:
Character Stats:
One-Handed: 56
Armsman Perks: 3/5
One Handed Enchants: +188% (4 X +47%)
Maces:
Daedric Mace displayed damage: 366
Ebony Mace displayed damage: 366
Glass Mace displayed damage: 354
Elven Mace displayed damage: 348
Orcish Mace displayed damage: 336
Dwarven Mace displayed damage: 342
Steel Mace displayed damage: 330
Elven does 18 (or 4.92%) less damage than Daedric
Swords:
Daedric Sword displayed damage: 354
Ebony Sword displayed damage: 345
Glass Sword displayed damage: 342
Elven Sword displayed damage: 336
Orcish Sword displayed damage: 324
Dwarven Sword displayed damage: 330
Steel Sword displayed damage: 319
Elven does 18 (or 5.08%) less damage than Daedric
Bows:
Character Stats:
Archery: 33
No Bow Perks
Marksman Enchants: +188% (4 X +47%)
Daedric Bow displayed damage: 182
Ebony Bow displayed damage: 177
Glass Bow displayed damage: 171
Elven Bow displayed damage: 166
Orcish Bow displayed damage: 157
Dwarven Bow displayed damage: 163
Elven does 16 (or 8.79%) less damage than Daedric
I'd be curious if someone else could run these numbers with One-Handed 100, Armsman 5/5, Archery 100, and Overdraw 5/5 so that we may determine the actual end game difference.
I know that this has been pointed out before, but it is interesting to note that the Ebony Mace seems to be identical to the Daedric Mace.
The Elven seems to be a rather "Good Deal" perk point wise as it trounces Dwarven (results arrived at without that quest 15% bonus reward that I don't have) and Orcish. The first heavy armor tree side weapon item that beats it is Ebony. But Ebony takes 4 Smithing perk points whereas Elven only takes 2.
In summary, for only two Smithing points, we get elven armor that weighs 7 lbs for the set vs 81 pounds for Daedric and offers identical damage reduction as both Daedric and Elven reach the cap (elven with two points in light armor) and weapons that are mostly around 5% less effective (with the possible exception of bows) than Daedric.
It's hard to justify spending 5 points in smithing for Daedric for identical armor performance at nearly 12 times the weight and corresponding stamina reduction (hence necessitating the Steed Stone or Conditioning) for the small 5% damage increase over Elven, which only costs 2 Smithing points.
It should be pointed out, however, that Daedric will only cost you just one point in armor proficiency (I can't verify this) to hit the damage reduction cap whereas Elven requires two. Still, to reach the armor cap, Elven costs 2 perk points in smithing + 2 points in Light armor for a total of 4 Perk points between the two while Daedric costs 6. You save 2 perks with elven while shedding 74 pounds from your armor while only losing around 5% in weapon efficacy. And let's face it, these damage numbers are ridiculous anyway. You won't miss 5%.
So now our base demi-god perks look like this at a slim 24 points (down from 33): http://chrizel.github.com/skyrim/#t/7/4w,0,m73im8,3c,-zik0zk,0,x,0