Close-shave , this is what I'm using now:
DPSh = base DPSh * ( 1 + B ) * ( 1 + B_HS ) * ( 1 + power setting ) * if( crit, 1 + crit damage, 1 )
B = sum of damage bonuses to both hull and shield = 5% + damage cap + DO
B_HS = sum of damage bonuses to hull only or shield only, whichever is applicable
I'm making an assumption that DO belongs with the other additive bonuses to both hull and shield, but that's completely untested for now.
Perhaps I should also mention that I've seen 808 damage several times, which is what my spreadsheet predicts for a close range BLC vs. hull with range cap, shield damage, and F1, but this is basically the most boring case to test.
I've switched my Flashfire to damage cap for further testing, but no results yet.