Path of Exile – How Painseeker Unique Gloves Work

If I understand it properly, I think there's a problem in the question itself. As you said:

The merchants give you Scroll Fragments for white items, so we can sort of divine that that is the base item value. But it doesn't really flow well from there [...]

It doesn't add up, indeed, and you gave the exact reason in your own question:

• Path of Exile has done away with a single unified currency entirely. Exact
• [...] there's no way to tell what anything is worth, or which items are worth more as part of the local economy. More or less correct

Actually, while there isn't any curve to express the value of the items in terms of value, we probably could figure one out based on the difficulty to obtain the item from the vendors.

• You can get a Scroll Fragment with pretty much any crap item (which are easy to find).
• You can make a Scroll of Wisdom with 5 Scroll Fragments (which are easy to find, but you need 5 of those).
• You can get a Portal Scroll with Scroll Fragments (but you need 15 of those). It's getting harder to obtain, but still feasible.
• You can get an Armorer's Scrap with an piece of armour with a 20% quality, or with several pieces of armor with a total of 40% quality: feasible, but you'll need patience.
• You can get a Chromatic Orb with any item that has 3 sockets of different colors and linked together: you'll have to be very patient to find one of these.
• You can get an Orb of Chance with 2 rare items that share the exact same name: it's getting super hard.
• Etc.

With that in mind, the whole currency thing becomes a matter of recipes, and the "value" of each currency item is determined by its difficulty to be "cooked" (let's put it this way) and, therefore, its rarity.

The vendor recipe system allows the player to sell items to any town vendor in exchange for a multitude of currency items and equipment. Each recipe requires semi-specific items or combinations of items be put into the sell window at the same time, and the outcome will change based on any recipes that have been matched.

Source and list of known recipes: http://pathofexile.gamepedia.com/Vendor_recipe_system

The only remaining uncertainty in this system is the drop rate of each currency item (because, of course, it's also possible to obtain them by killing mobs). But I couldn't find any information about it.

The dev diary given by Gnoupi is also an excellent reading: Dev Diary: Rethinking Gold as a Currency.

First off, it applies to all elemental damage whether it's from a spell or attack. The penalties/bonuses do not stack with multiple hits. Chaos is not an element, fire, ice, and lightning are the only elements. The way multiple elements at once work is that the penalty is applied to all the elements you hit with on the previous attack, and the bonus to the ones you didn't hit with on the previous attack. So if you hit with both fire and ice, on your next attack fire and ice will BOTH have penalties, but lightning will get a bonus. If you hit with one just one element, only it gets penalized, while the other two both get bonuses. If you hit with all three, all three will be penalized on your next attack.

The penalties and bonuses last for 5 seconds, or until they are overwritten with a new elemental equilibrium strike (ref). When soloing each of your hits will reset the resists/bonuses based on what you hit with.

The changed resistances will apply to all damage dealt to the target, whether it comes from you or your allies. However, only hits from you or your traps/mines/totems will trigger the effect - so you could for example attack with lightning damage to apply the effect while your minions or party members attack with cold and fire damage to make use of the lowered resistances.