I plan to buy a mix of both so I'm balanced in precision and might. I'm a sorcery dps. I know everybody recommends full might but i also notice that i get insane crits with my weapon attacks, hemce the desire to buy 50/50. Would this be a mistake if trying to top the charts?
No it just depends on your weapon and how often you use it whether or not the precision is worth it. When I was sorcery I went prec/might in red and prec combos in blues and yellows. For me the trick to getting good damage was putting out your dots as quick as possible and putting a high modifier toward the end of your rotation when you go into your weapon. Keeping WoD and your dots up as soon as you can also helps out. I used Karmic Hex plan to clip and setup power interactions. It also does some damage.