In general, no... Part of the issue is that in HGL, unlike D2, luck is relatively devalued... If I remember right from the official forums, officially luck only raises the chance of rare mobs in areas... so if you're barely killing the mobs as it is, you do NOT want to wear any luck equipment...

Luck is nice, but armour and shields are better.

luck works like this (completely made up numbers here):

Say there is a 66% chance to have a white item drop, 15% chance at enhanced, 12% chance at rare, 6% chance of legendary, and a 1% chance at unique. Luck decreases chance of a white item, which in turn increases the chance of non-white items to drop.

I beleive Schlag posted information about luck, in this post--- http://forums.d2jsp.org/index.php?showtopic=14092216&f=299

Alot of other helpful info is there aswell, maby it will help you decide.