LUK in Dissidia really only determines the placement of the EX Core. Though, I do believe that it has a say on your Critical frequency. I remember getting quite a few critical hits in there when I had around +8 LUK because I had no idea what I was doing xD Back then, I didn't have Counter Attack/Sneak Attack/First Strike, so yeah =)
I'll try find out for you. Will do some experiments.
EDIT (Same day): LUK can also raise the chance of you creating Battlegen items in battle. I was reading something and I came across this little piece about how LUK can determine a few things (sadly, I didn't find anything about Critical Hits - sorry!) and Battlegen-ing was one of them! I had no idea xD I might start wearing my LUK gear xD Need to farm up on those Orbs (Lol@Under5%Battlegen)
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