The fundamental is question: when does AR do more damage than CS?
Assumptions:
a) assume players and bows are otherwise identical
1 b) calculate both for DAP/DFC and D Elemental ammunition
Methodology:
2-5 a) calculate ΔDoTCS -- i.e. "how much more" damage a CS bow versus a non-imbued bow? Calculate for a number of different bow skills.
6-7 b) given each bow skill in (a), calculate AR_mod -- the percentage of armor is ignored by a similar AR bow.
8-11 c) calculate ΔDoTAR, which is the ratio of damage reduction (%red(AL)) for the original (AL) and modified (AL ') armor levels
12-14 d) for each bow skill, calculate the Equivalent Armor Level (EAL) at which ΔDoTAR  results in a damage increase equal to ΔDoTCS
15 e) conclude that CS is more effective for MOBs with an AL lower than EAL, and AR more effective for MOBs with an AL greater than EAL.
  DAP D ELEM
1 Arrow Max 30 26
Arrow Min 24 19
Variance 80.0% 73.1%
2 Critical Strike: (base bow - 60)/600 = %chance of crits
3 DoTCS(crit%) = (crit% * (MAX * 2)) +( (1- crit %) * (MAX (Var + 1) /2) )
4 ΔDoTCS = ( DoTCS(crit' ) / DoTCS(10%) ) -1
FOR DAP         ΔDoTCS FOR D ELEM       ΔDoTCS
bow % crit dam (crit) dam (norm) total dam % increase bow % crit dam (crit) dam (norm) total dam % increase
5 120 10% 6.00 24.30 30.30 0.0% 5a 120 10% 5.20 20.25 25.45 0.0%
180 20% 12.00 21.60 33.60 10.9% 180 20% 10.40 18.00 28.40 11.6%
240 30% 18.00 18.90 36.90 21.8% 240 30% 15.60 15.75 31.35 23.2%
300 40% 24.00 16.20 40.20 32.7% 300 40% 20.80 13.50 34.30 34.8%
360 50% 30.00 13.50 43.50 43.6% 360 50% 26.00 11.25 37.25 46.4%
==> this is pretty intuitive … your increased DoT is linear with the number of criticals you score.
the only real trick to the calculation is to make sure a crit is 2X MAX damage …
… whereas a normal hit must be adjusted for variance.
==> so from the above, table, a bow skill of 300 geta a 40% crit rate, which does 32.7% more DoT than an unimbued (10% crit rate) bow when using DAP
6 AR_mod = % of AL ignored = (base bow - 120) / 400
bow AR_mod
7 120 0%
180 15%
240 30%
300 45%
360 60%
8 %red(AL) = 1  
(1 + AL / (200/3))
==> %red(AL) is the amount of damage reduction that a given AL provides
AL %reduction
9 0 100.0%
67 49.9%
200 25.0%
450 12.9%
1000 6.3%
11 AL' = AL * (1 - AR_Mod)
10 ΔDoTAR = %red(AL' ) / %red(AL)
12 ==> so we need to solve for AL, where ΔDoTAR = ΔDoTCS for any given bow skill.
13 EAL =   ΔDoTCS * (200/3)
( ( ΔDoTCS +1 ) * ( 1 - AR_mod) ) - 1
FOR DAP         FOR D ELEM      
bow CS crit % ΔDoTCS AR_mod EAL bow CS crit % ΔDoTCS AR_mod EAL
14 120 10% 0.0% 0%  n/a 14a 120 10% 0.0% 0%  n/a
180 20% 10.9% 15%         126 180 20% 11.6% 15%         150
240 30% 21.8% 30%           98 240 30% 23.2% 30%         112
300 40% 32.7% 45%           81 300 40% 34.8% 45%           90
360 50% 43.6% 60%           68 360 50% 46.4% 60%           75
15 Conclusion:
So there we have it:
"At a bow skill of 300 base, AR is better than CS for targets greater than AL81 using DAP
or AL90 using DFire."
How you apply this information to the critters in front of you is up to you.