Update for patch 2.1
See this post
Hello everybody. I've done some theorycrafting on how to gear up my BLM.
Information
The goal with this study is to find out which endgame items that currently are Best In Slot (BIS) for BLM in normal circumstances. It's hard to figure out how to weigh in determination, spellspeed, intelligence and accuracy. You want to maximize your damage while still maintaining a certain level of accuracy. This is why I've created a program that automatically tries all combinations of items and measures damage and accuracy.
Spellspeed and GCD
One of the harder tasks is to determine how to weigh in spellspeed. First of all, we need to know much of the dps that is affected by spellspeed in a standard black mage rotation. I've tested a simplified version of the rotation with FFXIVAPP:
Thunder II -> Fire III -> Fire Loop with Raging Strikes -> Blizzard III -> Restart. Use proc spells when possible and cast raging strikes when off cooldown. Scathe when reasonable.
The thunder dot is the only element in the rotation not affected by increased spellspeed. This due to the fact that dots have fixed tick rates of 3 seconds. In my rotation the thunder dot was approximately 2.2% of the total damage. Based on that, we should weigh spellspeed with a factor of 0.978. But let's give us some margin for numerical errors, human errors while playing, positioning errors etc. I will use 0.95 as spellspeed weight (0 = none, 1 = full). So what does that mean? It means that I will only use 95% of the percentual damage boost that the decreased GCD will give us.
There are studies done on GCD and how much it's affected by spellspeed. But I haven't found anything that's 100% accurate and last time I checked people are still debating this on forums. I will keep it simple and use 2.5s as GCD and say that 100 spellspeed equals 0.1s decreased GCD. This will do for now.
Damage formula
I use the formula for WHM Healing as damage with potency 100. When I tried it with various weapons and gear I found it be 99.5%+ accurate when determining base damage. I think this is the most accurate one out there and this is the one I'll stick with until proven otherwise. Please prove me wrong if you believe otherwise since this is the most crucial part of this study. Credit goes to valk and volpes for creating this formula.
Weapons and items tested
I'll focus on the Relic+1 weapon, since most people will use that, but I have looked into allaganScepter + ancientBuckler as well. Itemwise, it's sorcerers and heros vs. allagan. The rings are unique and therefore I'll lock them in place. That gives us a total of 9 swappable gear positions, resulting in 512 different item sets that need to be tested.
Food buffs
All serious players will probably use some food buff while raiding. I've included a couple of buffs as well in the calculations.
A = No food buff
B = Lava Toad Legs
C = Pineapple Ponzecake
D = Apkallu Omelette
E = Black Truffle Risotto
Accuracy
This will determine how much misses you will have. The ideal is of course to have zero misses when raiding coil. I haven't found a 100% accurate limit for this yet, but I have somewhat of an understanding on where I want to be. 430 will generate some misses occasionally, but 440 is probably safe.
Results
The results from my program is outputted into text files. Each text file represents a different threshold of accuracy. Within each file you find results for relic+1 with various food buffs, and allaganScepter + ancientBuckler with various food buffs. See the summary table blow for all possible variations.
Code:
Maximum damge with accuracy >= 440
Weapon A B C D E
Relic+1 288.74 290.47 290.64 290.28 290.25
Allagan 288.76 291.06 290.70 290.97 290.28
Maximum damge with accuracy >= 435
Weapon A B C D E
Relic+1 289.06 291.85 290.97 292.23 290.57
Allagan 289.66 291.06 291.60 291.44 291.18
Maximum damge with accuracy >= 430
Weapon A B C D E
Relic+1 289.62 291.85 291.55 292.23 291.24
Allagan 290.21 291.96 292.16 291.44 291.73
Maximum damge with accuracy >= 0
Weapon A B C D E
Relic+1 295.83 296.69 297.83 297.17 297.48
Allagan 292.34 293.20 294.30 293.67 293.98
I will only paste the results for accuracy limit 440 and 435. You have to dig into the text files to find out more 
Relic+1, Accuracy >= 440, No food buff
sorcerersHead
sorcerersChest
sorcerersHands
allaganWaist
allaganLegs
allaganFeet
allaganNecklace
allaganEarrings
allaganBracelets
herosRing
allaganRing
Relic+1, Accuracy >= 440, Pineapple Ponzecake
allaganHead
sorcerersChest
sorcerersHands
herosWaist
sorcerersLegs
allaganFeet
allaganNecklace
allaganEarrings
allaganBracelets
herosRing
allaganRing
Relic+1, Accuracy >= 435, No food buff
sorcerersHead
sorcerersChest
allaganHands
herosWaist
allaganLegs
allaganFeet
allaganNecklace
allaganEarrings
allaganBracelets
herosRing
allaganRing
Relic+1, Accuracy >= 435, Apkallu Omelette
sorcerersHead
sorcerersChest
sorcerersHands
herosWaist
sorcerersLegs
allaganFeet
allaganNecklace
allaganEarrings
allaganBracelets
herosRing
allaganRing
Final words
This study was originally done for my own private use only. But I decided that it might be interesting to someone, so I gathered all the data and posted it here. If you use any of the data in any way, please think of these things:- I can't guarantee it's accurate in any way. The damage formula is unofficial and I may have missed a lot of factors. My assumptions may be way off, and my code might be buggy

- Parts of the formula, like how critical damage is factored in, might change in the future. Therefore the information in this post might change over time. Nothing is written in stone here

- Always test things yourself and make your own decisions.
Thanks for reading this far
I'll try to update this post whenever I have new information.