It simulates downtime where you damage is naturally reduced. Waiting for TP may not happen in real fights but almost all fights have time where you wait around and your dps lowers.
This is why your T5 parse is 300 while you're 366 on a dummy. It's not simulating TP starvation, it's simulating downtime. That's what I believe anyway.
However, the parameters of TP starvation aren't equal and doesn't favor MNK.
I'll give your parse as source since your gear is pretty close.
Anyway, this is mine with Hellish Claws.
http://imgur.com/UAKrngx
I'll probably be switching to ACT soon. I still like lose a few dps waiting for the history interval to end.