I have finally found what I've been looking for....

An addon that allows me to assign values to various item's stats and add them all up. Making it a bit easier to compare items.

Check out Pawn at http://www.vgermods.com

I setup 3 different "scales" Cat, Bear Mitigation and Heal (for my feral healing kit) using numbers I made up and/or from various Theory crafter (Rawr, Emmeralds, Resto4Life, etc.) numbers.

This doesn't solve all your gear compare issues as it doesn't take into account things like being uncritible, hit cap, odd set bonuses (2T4), etc. But it certainly helps. Just wish I would have found this while I was leveling, as it is great for picking quest rewards. Should I take the Cat piece or the Healing piece?

And as a bonus, the addon actually has documentation. Which is sort of odd. And a good forum.

So, for all you theorycrafters out there, go check it out.