After months of testing and number crunching I think I have figured out the formula that RNG uses when rolling for items.
My findings are as follows:
((RandomNumber/ ((5 X whatYouAlreadyHave) X (WhatYouAlwaysWanted/yourLeastUseful)))-HopesAndDreams) /WillOfBungie
Edit: more legible version. Had to use acronyms for space reasons.
TimeAndEffort
_____________________
(5 X wyah) (wyaw / had)
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WillOfBungie