no and no
first your gear: You have an absurd amount of spirit. Drop to 8k or if you're comfortable with less, as low as 5.1k. You're way above the haste breakpoint, get either 3145 OR 6141 haste, not in between and not less than 3145. Stack the hell out of crit. Replace ascension with chi brew and learn to use it. Unglyph mana tea and drink during downtime. Swap chi torpedo for RJW or Xuen. Get the glyph of enduring healing spheres. Swap your chest enchant for stats and your leg enchant for int/crit. My armory for reference: http://us.battle.net/wow/en/character/mal%27ganis/Dysarthria/advanced
The spec is about predicting damage and having the resources to react to it. Fistweaving is what you do during downtime. Use expel harm on cooldown, ReM on cooldown. If you're expecting damage within ~12 seconds, use Thunder Focus Tea to get more ReM coverage, and save chi for Uplift.
The current fistweaving rotation is (ReM/EH for chi) Jab -> Blackout Kick, then spam Jab -> TP. If you Jab twice you waste 8% mana. Without the meta gem, you might have trouble keeping your mana up if you fill every spare GCD with fistweaving, but you should be able to get away with some. And no, 40k is not acceptable at 518 (I was regularly pulling 80k+ at that ilvl) but with some tweaks you can do better.
Also I'm going to say your weapon is probably good enough to start gemming for crit (so potent in reds, smooth in yellow/prismatic, misty or jagged in blue). Yes, spirit is so terrible for MW I'm recommending you use stam hybrids. Don't gem for spirit bonuses at all (see where I'm gemming pure crit in a few blue sockets), and I'd ignore mastery/haste bonuses and only gem for crit bonuses if they're 120+.