So after experimenting with this build with several build setups, I've discovered quite a bit.
First off, CC/CD is absolutely NOT important to this build. Since you want your white attacks to 1 shot mobs, how much and how often you crit is moot. The ONLY place it will apply is for elites, but with Blizzard and Spectral Blade combination, you should be able to bring down any elite on MP0-1 quickly. The loss of crit will cause some people to cry about their "DPS." I'd like to remind all these people that your damage rating is NOT your DPS. DPS is determined by attack speed (in most cases Blizzard being an exception here), % of weapon damage that skill does, number of mobs that are being struck by this skill, any DoTs that tick as a result of the skill, in addition to any critical damage that may be inflicted in the process. In an AoE heavy build, you can take a hit on CC/CD in exchange for raising base attack, which may very well lower your paper damage while increasing your actual DPS dramatically. Check this thread for TR monks http://us.battle.net/d3/en/forum/topic/7199912895
and read the section on Damage Spread. This explains it better than I can.
Next, as the OP posted, getting APoC to proc from Blizzard is, well, an unreliable source of AP. Spectral Blade has a decent proc coefficient with 14% using Healing Blades rune. In the build specified by the OP, these are the only two actual attack skills which make APoC almost useless considering how much you can pay for good weaps/off hands with 10 APoC. If you're using Shock Pulse with Living Lightning Rune you have a 20% proc coefficient, but you lose the healing effect from the Spectral Blade. If you have 3% LS on your weapon this should provide enough healing to take the place of Spectral Blade and allow you to replace it with another sig skill such as Shock Pulse or even possibly Electrocute (Surge of Power rune has 25% proc coefficient.) This would make strides to making APoC valuable in this build once again.
Finally, equipping items that increase base damage is going to allow for the highest effectiveness for this build. You want to stack as much intel, weapon damage, off hand damage, % damage, and % elemental damage as you can find. Again, CC/CD are not vital here. This makes Frosties very viable in this situation due to the fact that a perfect roll is 6% cold damage, and cold skills deal an additional 30%. The Frosties' pick up radius is also a plus to go with Power Hungry. For a person going from a reasonable set of trifect gloves to Frosties, you may see a 35-50k paper damage drop, however damage output of blizzard will increase dramatically which improves the damage spread of Blizzard.
I hope this helps some people understand the mechanics of this build a little better. It is a very fast MP0-1 farming build and is producing some impressive numbers for exp/hour. I personally have seen closer to 90M/hr if I don't stop for much loot, only repair when almost broken, and keep deaths to a minimum. This is running Act 1, Festering Woods (for a quick 4-5 stacks, usually 5 mins or so), Withering Hollow (excellent mob density since 1.0.8 and mostly zombies for easy kills), and Fields of Misery (great mob density just watch out for savage beasts). This run usually takes about 12 mins and usually produces about 20M exp per run. When you figure in overhead of loading time, running to next zone, repairing, deaths, etc, you come out to about 80-90M exp/hour.
I will be experimenting further. I have been testing with about 5 different gear sets to get an idea of what works best, but most of the OP's advice was solid.