Spell hit vs spell crit

So, this isn't particularly relevent to tankadins....but i was trying to figure out the worth of spell crit to spell hit. Spell hit is obviously better in equal amounts (for those of you who are unaware, spell hit is not rolled like melee hit; it is instead first determined whether or not it hits, THEN checks to see if it crits), but if I have 2 pieces of gear, say one with 1% hit and one with 2% crit, how do i compare them in terms of overall dps?
i was looking to see if i could find something, but my inability to access wowwiki, wow forums, etc while at work was making that pretty tough.
Anyone done or seen the math on this?
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Even Level - 96% chance to hit with spell
+1 Level - 95% chance to hit with spell
+2 Levels - 94% chance to hit with spell
+3 Levels - 83% chance to hit with spell
+4 Levels - 72% chance to hit with spell
+5 Levels - 61% chance to hit with spell
...

Your goal as a caster is to get the number listed above + your spell hit % to total to 99% (raid bosses count as 73). So basically you want 16% spell hit. There is always a 1% chance to "miss" with a spell. Spell hit is a direct boost to dps. 1% more spells hitting = 1% more damage done in the same amount of time. Spell crit is great for burst damage, but overall if your spells aren't hitting they can't crit. It's not uncommon for raiding casters to carry two sets, one full of spell hit for bosses and one with lots of spell crit for trash (since spell hit requirements to not miss drop significantly).
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Yes, I know the objective is to hit the hit cap, but if I have to choose between 2 pieces of gear and one has much more crit than the other has hit, at what point does it become worth taking the gear with crit on it? Obviously, if I have to choose between 1% hit and 20% crit, the 20% crit wins hands down. If I have to choose between 1% hit and 1% crit, the 1% hit wins. Where is the point in the middle that it switches?
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There's no one answer for your question then. It all depends on what you're wanting to use the piece for.
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Against a raid boss, single target damage... I don't know if it's been calculated, but I assume it'd be a formula that is a function of your current spell damage, +hit, and +crit...I'm just not sure how to figure it out :\
I played around with some numbers and sorta made progress...but I feel like I'm moving towards useless things and was trying to see how else I could look at it to make it more applicable
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There are a lot more factors that are needed if you want to calculate that. We need to know what class, spec, current spell hit, current spell crit, current spell damage, and current spec. If you're talking about a mage, then http://www.arcannis.com/mage_calculations.php might be able to help you figure some of this stuff out. If you're a non-destruction lock, you typically want to cap your spell hit and then focus on spell damage. If you're a destruction lock then you want similar stuff to the mages. If you're a shadow priest you want similar things as the non-destro lock.
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20% spell crit wins, hands down, but by how much? Just off the top of my head, I know three abilities of ours that can crit: JoR, AS, and Holy Wrath (HW). While a crit on either of those is nice, it takes some math to figure out how much it truly contributes to our DPS/TPS. For example, looking at a recent WWS of main tanking Maulgar, this is the damage in order of percentage:

Consecration - 24%
Holy Shield - 19%
Melee - 18%
SoR - 17%
JoR - 16%
AS - 1%
HW - 1%

Taking out the non-holy damage, we have:

Consecration - 29%
Holy Shield - 23%
SoR - 21%
JoR - 20%
AS - 1%
HW - 1%

(Yes, I understand it doesn't add up to 100%, but neither did the WWS, and I don't want to go back and manually calculate those numbers)

This means that roughly 22% of my spell damage was done through abilities that can crit, and the rest was done by abilities that could not crit. While + spell crit will increase the damage of 22% of my abilities, +spell hit will increase the damage of all of my abilities. That means that there's a nearly 5:1 ratio between crit and hit. It takes 5% crit to equal the damage of 1% hit (and this is not counting the threat, of which HS would get an extra 35%). Of course, I'm sure that I screwed up my math somewhere, but from these quick calculations, I would place 1% spell hit as being equal to 5% spell crit. If this isn't what you were looking for, then I apologize. If it is, then I'm thrilled to have an answer for you. ^_^

eth that was pretty much what i was looking for...the math nerd in me would like to have a more exact way to calculate it and then be able to generalize it to other classes...like make a spreadsheet or something where you can put info about how much it hits for/how much it crits for/ cooldown/castime and figure out in the long run what works best for one person vs another.

granted, that sounds like a ridiculous amount of work now that i think about it...so i'm gonna pass on taht for now XD
would be cool to play around with though

Thanks a ton for the input, all of you
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Yeah, for any given caster DPS class there's usually a spreadsheet out there somewhere that will tell you what the relative values of various stats are there, but in general it's highly depending on class, spec, and current gear...there isn't really a "unified theory of itemization" in wow