Sad Indeed...

70 vs 103
The lukless can hit a maximum of:
68,924 with the elemental weapon
55,139 without the elemental weapon

The luk can hit a maximum of:
62,058 with the elemental weapon
49,646 without the elemental weapon

Conclusion: In my opinion, no, it's not worth converting. It might be worth it though depending on how well you can pull out int. The difference here is that the level 103 is only losing to the 70 by about 68 int. Which isn't as bad because the 130 vs 163, the 163 lost by 87.

It's only a 7K damage difference, nothing much. Now I really don't see why everyone say's my build is screwed when I tell them I have 98 base luk.