Runic Master gives you 25% chance of increasing your magic level by 10% (if the rune is not made by your vocation) and 20% (if the rune is made by your vocation), so, to worth using it, you may have a good magic level. Also, it may vary according the place you are hunting, the Gems you have avaliable in Gem Atelier, etc..
You may test with setup of Wheel of Destiny works better for you, When I was hunting solo with MS, I would prefer improving the waves and UE instead of Runic Mastery.
As ED, I use Twin Bursts Perk (Ulus Frigo/Ulus Tera) and Tera hur improved (for solo hunt), and Tera Hur/Mass Healing for Team Hunt.
However, as I suggested, I made lots of tests in order to find which setup was the best for me and the way I hunt, there are so many variables that can affect the game play, so you can't copy a setup that works for somebody and expect that it will work for you, so you can test which is better for you accordingly your goal (exp/profit, etc..).