My first question is simple...what elemental resistance should I go for if using OWE? Should I even use OWE? Are any elemental types cheaper on ah in terms of gearing?
You can choose any type of resistance, but you'll find Inna's set and Nat's set to be very weak defensively. It'll be good if you intend to stack dual resist wherever possible. Typically at MP10, you're looking at 50k life, 4800 Armor, 600 AR, >45% CHC, >400% CHD, >2.1 attacks per sec. These numbers are just an estimate, the more the merrier. You'll need to be able to withstand the spike damage so that your dual LS can help to regain life. The fast attack speed is needed because you will be spamming spirit quite rapidly.
If you keep your dual spears, you will need to stack a lot of IAS gear. Getting a simple LS EF can help to add 0.25 attack speed to both weapons.
In a team with high DPS players, our priority will be to provide party buffs. This can be achieved by spamming Overawe very often (48% extra damage taken by mobs), and Cyclone Strike (16% buff when using Soothing Breeze rune in combo with Guiding Light passive) at regular intervals (or as and when required).
The general guideline for monks in MP10 is to keep moving around while fighting, and avoid the ground effects. Dashing strike is very helpful for this, and the DS:Flying side kick rune is extremely useful against boss fights (it can interrupt channels from Diablo and Act 2 KW, etc).
Suggested active skills: (our "cookie-cutter" variant)
FoT:Thunderclap (you can use Fot:Quickening or CW:Rising Tide if you always run out of spirit. Personally I prefer FoT:Q because the proc feels better)
DS:Quicksilver for normal runs, Flying side kick for boss fights
Cyclone Strike: Soothing Breeze
If you want additional crowd control, you can use Blinding Flash: Faith in the light, and take out DS or Serenity.
Suggested passive skills:
STI, OWE, Guiding Light.
If your gear is high-end, you can do without STI and/or OWE, and consider Transcendence, Pacifism, or Combination Strike.
Cast Overawe every 3 secs. Guiding Light buff is for 16 secs, so you'll need to activate your Cyclone Strike every 5th cycle or more often when required.
This will give your party 64% DPS buff (even higher in Patch 1.08)
For your consideration :)