The only valor item of use to me at least is the belt with no spirit or hit rating on it and since I already have 391 ilvl on most of the other bits you can buy it makes the entire selection useless, I was hoping like last tier that I could pick up some tier pieces with valor but now that's out the window I may as well just help the raid get their gear instead with the BoE's.
Using an alt for boots/bracer (prolly boots first; 378 ilvl); most other stuff is 391, so I'm just keeping points till I figure out what off-tier pieces I'm missing after 3-4 weeks of raiding, or as you suggested yourself, cloak first (biggest overall upgrade for me besides boots).
I'm considering Shadow tier gloves since Healing has crit, and going 4/5 Healing tier for other slots.
The cloak is the only valor point purchase that is in my BiS list. I'll be picking up the boots on an alt until Janglespur Jackboots drop from Warmaster Blackhorn. I put this together on Wowhead, may be of interest to some: http://www.wowhead.com/profile=33948066