HoF would indeed be worlds easier in the better gear, but you should definitely NOT delay progress just to wait on gear, especially being so close to your goal.
HoF is mainly avoidable mechanics also, with an enrage or enrage mechanic or two.
Clear MSV then straight to HoF progression, not sure how long you raid but if you clear MSV, it should be faster every week.
atleast 480 for HoF unless your dps is amazing.. the first boss isnt hard at all but Blade lord Ta'yak does have an enrage timer.. and so does Garalon.. maybe 485 for Garalon.. still its an execution fight like elegon so its really up to you.. just know you need lots of dps for it.
2 healed first boss this week with 2 holy pallies (me being one of them with really shitty gear - ilvl 468 afaik) - first couple of bosses are more mechanics then throughput from a heal/dps requirement. garalon is a step up and probably requires a bit more gear.
Thanks folks! We only raid 2 nights a week, which is why I care about finding the right balance. And DPS is our weakest area, though we were a minute off Elegon's enrage. Sounds like we should be splitting our time about evenly between MSV (for gear) and giving HoF a go. Cheers!