The highest dps is trying to pull off something like mine, where you use near max IAS everywhere and a max 1.65 socket chants. Much much harder and expensive to do. Tends to result in slightly more DPS in the end however (if you can get IAS as well as CD on your amulet).
Generally the wiz consensus if your on a budget is to run an IAS wand. That way you can skip lacuni completely. Makes meeting the CC/AR/Armour requirements so much easier. The only thing you give up is DPS.
Extremely fast wormhole SNS farming of MP7 can be done at like 150k dps though. I dont see any reason why 1-1.2b couldn't get you to that point with ease.