Your Maximum Threat Potential

also if you have a priest healing, ask for Prayer of Mending, since the threat from the heal goes to you, you get

1) Threat from the heal
2) Threat from the mana
3) Threat increased on both from RF, remember PoM and SA are holy

1k PoM = (500 *1.9) + (50 * 1.9) = 950 + 95 = 1045 threat

thats 105% threat of a heal
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It all depends on where you opt to stagger your initial Consecration in the rotation. If you cast before the mob engages you, then bring up HS as it approaches, then you're fine. I tend to prebuff the HS on the pull, AS, Consecrate, HS, Judge/Seal. You have a timer overlap every 5 consecrations / 4 HS if you don't stagger it just right. I tend to not have the problem, myself, but I can see where it would come up. In that case, you delay the Consecration until after your next Judge/Seal to afford yourself at least an additional rotation before it's an issue again.
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Buffing also generates a limited amount of threat. This includes casting seals.
A tip for tricky pulls of very large groups when there is CC going on that you cant afford to pop with consecrate, during the initial pull spam re-casting a seal rapidly as everything runs towards your group.
The threat generated by spam re-casting a seal will get everything at least initially looking at you and will run in your direction, allowing you to pull all un-cced and un-tanked mobs away to a spot where it is safe to consecrate without danger of popping other mobs in the pull.
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"Misunderstanding the Tankadin is forgivable.

In many ways we are still learning to understand ourselves."

www.joanadark.tankspot.com

I've taken to including recasting RF in my threat cycle on encounters where I have infinite mana. Tried it out on Teron last night, seemed to be worth somewhere in the neighborhood of 50 TPS but that's just a guess from what I was seeing on Omen.

Also it makes it harder to forget RF >.>
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And then, John was a zombie.

I don't think Lifeblooms count towards the recipient's threat. Healing Meters merely count it towards the recipient's healing because they are dumb.
My resto druid casts almost nothing but Lifebloom in raids. The poor bugger pulls aggro all the time.
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"Misunderstanding the Tankadin is forgivable.

In many ways we are still learning to understand ourselves."

www.joanadark.tankspot.com

To the question about WF/Wizard oil.

Unless you are running a really weird group makeup, or extremely anemic on shaman, you should try and get into a non-WF shaman group. Aside from the question of Oil vs. WF, the WF totem is in the same school as Wrath of Air, which beats WF hands down by itself for threat, and it stacks with your oil. That slot with the WF group would be much better spent on almost any other class that can actually buff the melee in the group, such as a feral druid or a hunter that also would not get benefit from the WF, but still benefit the DPS of the raid overall.

I'd venture a guess that the oil alone would out-threat WF, especially if you are not having mana issues, as your oil's usefulness scales with the amount of casting you are able to do, whereas WF is constant.

I *always* use Wings when I pop a destruction potion. If wings aren't up, I wait.

Also I'm not sure where you're getting your 15.5 TPS number. Going with 1 spell damage = 0.63 TPS (as per Arcand's sticky in the advanced training forum), that's 75.6 TPS for 15 seconds. That's only a total of around 10 TPS overall. However, I find the bigger benefit to be for burst threat purposes. Pop AW+pot (+spell damage trinket if you happen to have one) at the beginning of the fight and you'll give your DPS a large threat lead that will take them some time to catch back up to.
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And then, John was a zombie.