I've got a torch--which is just cost reduction--and the bells spirit stone, but I don't have the bracer or fist weapon, which is what gives 150-250% damage. LTK is just plain better so that's what I'm working towards (while actually hoping I get the stuff for generator build in the process).
LTK = 300% extra to first 5-7 targets, 250% extra damage and 50% extra attack speed, plus 1050-1400% damage fireball on each attack. LTK/VCK also has higher base damage when you count the DoT, though of course bells have a much larger AE. Bells only gets 150% (200-250% vs. 3 or less targets) and 125-150% from the bracer, which also means not wearing nemesis full-time, and the other bonuses just reduce the spirit cost. And the extra Air Allies from Crudest Boots, for whatever that's worth.