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If you can make it to 2500MP in your Myrkr set you're only gaining 100 MP over +2 perp cost staves + MM. Not including weather/day bonus on hands, you need body+2, feet+2, ring and ToM Perpetuation cost -6 staff to break even on perpetuation of Avatars (before Refresh). So we're looking at a difference of 16 MP/tick vs 16.6 MP/tick (if my math is right?). Also, over TP at all and you're losing a chunk of what Hvergelmir actually has. Add in regain earring though, and you're in the clear.
That was precisely the point; they're comparable. The benefit is getting to dump Minikin for a 3rd Physical Atma... so if you're using Physical BPs, Hvergelmir is essentially Lunar+1. Nothing to sneeze at, if you ask me.