Weapon element damage is overwritten by your skill damage. It has absolutely no effect on your skill's element - you can safely ignore the element on weapon's damage (two exceptions: there's currently a bug that enhanced damage affix on weapons only works for physical damage, which will be fixed soon; and if you're a wizard the weapon's element contributes to Elemental Exposure).
So heres my questions:
1. If I were a lightning monk and I were usinghttp://us.battle.net/d3/en/artisan/blacksmith/recipe/borns-furious-wrath. Would the bonus +xxxx-xxxx holy damage increase the dps on my lightning skills at all?
Weapon element damage is overwritten by your skill damage. It has absolutely no effect on your skill's element - you can safely ignore the element on weapon's damage (two exceptions: there's currently a bug that enhanced damage affix on weapons only works for physical damage, which will be fixed soon; and if you're a wizard the weapon's element contributes to Elemental Exposure).
So the answer to your question is: yes. :-)