1. Sweeping wind still snapshots the active weapon. While the obvious solution is to exploit this by swapping gear, I wonder how this affects the viability of WKL for non-swappers.
2. Life steal is not as mandatory as it may seem, it's more situational. I have just crossed the threshold in MP3 where I can live with my life regen from Vile Ward and some meager 170 LoH that happens to be on my best hellfire ring. Around 150k dps (including the WKL buff) seems to do the job. Note that this is without pickup radius or health globe bonus on gear.
Of course for Ubers I run with 3% LS and higher LoH. An allround gear set must have LS of course, but for farming one can probably swap in a higher dps non-LS weapon. Actually EF + Shenlong (Fist of Legend) might be useful here, since LpSS is under-rated, but a rare can be better.
1. WKL question:
WKL is, for the most part, non-viable for SW swap setups because +25% to negligible FoT damage is ... meh.
WKL is fantastic for non-SW-swap setups because +25% Cyclone damage and +25% to ~50% total damage FoT is really good!
2. LS question:
The big issue with dropping LS completely comes from SW:Cyclone. With a normal, non-swap setup, SW:Cyclone accounts for ~50% of a top-tier monk's DPS. 0% of it procs LoH. This means if you fight a Reflects Damage pack, and you have 0 LS, you will kill yourself almost instantly.
This problem can be solved by using Serenity, however, you have to pay some sort of opportunity cost to use serenity and, in general, that opportunity cost is simply higher than the cost of getting LS on your wep.
Example: Serenity vs. BoH:Blazing Wrath. Can you get 15% more total DPS from not taking LS on your wep?
If you are farming higher MP's, Serenity won't even be enough to get you through reflects packs because, even at 200k dps or 2-3 million trueDPS you still can't kill elite packs in 4 seconds. Thus making LS somewhat mandatory.