Originally Posted by
starmartyr
The 102.4% CTC cap applies to any mob 3 levels higher than you (dual wielding mobs actually have a 103.4% cap). The paladin stat priority before the CTC cap is Mastery> Dodge or Parry but keep them close > Stam > Expertise > Hit. The basic rule is cap CTC by stacking mastery. Once you reach the cap stack stam and reforge mastery to dodge/parry keeping your dodge about 150 points higher. Expertise is better than hit. There is no reason to have any stats on your gear other than Stam, dodge, parry, mastery, hit, exp.
That said your assessment is mostly correct. Dodge and mastery are actually about equal in terms of damage reduction, however it takes about 3.5 points of dodge to equal the same CTC as 1 point of mastery rating. CTC is very important but you should not waste itemization on useless stats unless you have no other alternative. Hit and Crit may be equal DPS but hit is slightly better for mitigation due to windwalk procs and some trinket effects.
tl;dr: use the dodge/hit piece and reforge hit to mastery unless the DPS piece is significantly higher iLvl