(note dead wood increased damage by 10% not 5%)
I feel that of all the materials in the game, wood is the best designed.
here we have clear uses for each material and none is clearly superior or inferior to any other beyond personal preferences.
The only problem I have is the variety of damage conversion. All the types should have the same damage conversion unless the other modifying element is just so good that people would use the material entirely for that aspect (crit chance or crit damage for example)
I feel that 60% is a nice middle ground. not so high that you are clearly doing a full damage conversion without bothering to use an elemental arrow ability, and not so low that it has no real effect (looking at you chestnut and maple).
I could also easily be convinced that the elemental conversion should not be a property of the wood itself and instead an enchantment option.
If the wood (or leather or fiber) did only one thing then it would be much clearer who was using what material for which build and thus allow the devs to make better targeted balancing actions.
For all equipment I see a few enchantment or material properties:
elemental resistance / weather insulation (which i argue should be the same thing) or damage conversion
sub stat modification defensive (willpower, evasion, hp, etc..)
sub stat modification offensive (accuracy, crit chance, mana regen, etc...)
adding on more aspects just overly complicates the process of making the gear that works well for your -ideally unique- skill, stat, and talent build.
while allowing players to mix and match gives flexability.
I would argue that the material should -just- give the first category effects (elemental resist, weather insulation, or damage conversion) and the rest supplied by enchantments.