With Liquefy and at 2.73 APS, I think it's about 1000 LoH per 100k unbuffed DPS to match 3% LS. If you're running a WW hybrid and you're casting more WWs than pure Liquefy spam, it will be less.
Sadly, it's much worse than that. Based on a MATLAB simulator I wrote, and also tweaking Steve's simulator to simulate Meteor, both simulators suggest you need about 1000LoH per 50k unbuffed DPS assuming you're running the standard SNS setup (ie Frost Nova+Diamond Shards+Chain Reaction+Shocking Aspect).
While this might seem like it's crazy to ever run LoH with Meteor, I think any fair discussion needs to take into account additional factors. There are potentially quite a bit of wrinkles that making discussing this topic fraught with peril, particularly since chasing lifesteal impacts the weapon we can run. Pretty much we are forced into three categories of lifesteal weapons:
1.) Huge DPS loss - If you choose a Life Steal Chant's Will
2.) Medium-to-Huge DPS loss and Attack Speed - If you choose an APoC wand
2.) Best DPS, but loss of 10 APoC and Attack Speed
- Choosing a Weapon without any APoC.
I put in the loss of attack speed, since it's a subtle but albeit important point. Slower attack speed translates into slower cooldowns. And slower cooldowns will make a big difference on the up-time of Diamond Skin, which is basically a pseudo-source of sustain for us. Depending on whether your weapon is 1.4 or 1.55aps, this can result in a ~10-25% long cooldowns on Diamond Skin. That's non-trivial. And this isn't even getting into the better freezing strength of Frost Nova with better attack speed. So I think any fair discussion of Life Steal needs to consider these factors.
If I'm running a lifesteal weapon, my personal preference is a Life Steal Chant's Wand. I hate it, but ultimately I don't like rare wands for the drop in attack speed and loss of elite damage mitigation. But then I'm not super-rich and can afford a good enough rare wand to really tempt me. :p Though I think often people think Chant's Will is worse than it actually is, since the +130 Intelligence set bonus isn't calculated into the "predicted" DPS gains/losses.