To answer the question posed in the initial question: Only if you had 0 intelligence and no other damage bonuses!
Base damage is simply weapon damage + any damage bonus from gear (+elemental damage is effectively "+damage" as far as the system is concerned).
The formula is roughly as follows
Base Damage =
(weapon damage range + bonus damage from gear)
× bonus
from primary attribute†
× other class bonuses from skills.
Ability Damage =
Base Damage (as above)
× % Weapon Damage listed on the ability.
†1 primary attribute = +1% bonus damage
Weapon speed doesn't come into play at all when calculating damage from abilities.
What this means is that weapon speed is balanced as a stat; either you deal more damage per hit (by picking a slower weapon), or you use more abilities (since weapon speed affects animation time). DPS is entirely useless as a comparison metric unless you're only auto-attacking.
Way of the Hundred Fists consists of 3 attacks, which appear to be 1 hit, 5 fast hits, than 1 hit again.
The 5 fast hits counts as one hit for any on-hit effect.
For example, if you have 0 spirit and use the full Way of the Hundred Fists combo, you will have 18 spirit since it gives you 6 spirit per attack.
I also tested this with on-hit effects by removing all equipment except a weapon with an amethyst in it (which steals life on hit), and found that during the course of a combo, I'd only heal 3 times.
As for your other question about the Hands of Lightning rune, it appears you are getting 3 extra attacks with no damage decrease per attack. I played around with it a bit, and although the damage per hit fluctuated a bit, it seemed to average the same per hit both with and without the rune.
The three attacks each seem to do 1/3 of 140% weapon damage each, so your 5-hit combo is around 9.3% weapon damage per hit, which results in an extra 3 hits giving you another 28% damage.
Best Answer
Recovery is a measure of how many effective hit points (EHP) you regenerate per second. It depends on both what was earlier called Healing (how much literal Life you recover) and damage mitigation.
The item on the right provides approximately the same Toughness, but structure of character's toughness changes - you have more Life, but less Resistance. So, despite your Healing recovering the same amount of Life as before, each of those hit points is less resistant to incoming damage, an hence worth less EHP.
Higher damage mitigation (Resistance, Armor, Dodge, Blocking, and other special effects) does effectively increase your Recovery by making your raw Life points worth more effective hit points.