nice mod so far, though I have found three issues, at least in my eyes.
first off, I got really unlucky when starting off. I tossed my starting gear on the floor and picked it back up to get modifiers. both my pickaxe and axe got damage for mana modifiers, which made them pretty much unusable as I could only swing then a couple times before running out of mana. tools are generally not meant to do much damage in the first place, so I would just prevent them from getting that modifier at all.
even if you have max mana, having to stop often when mining just because you got unlucky on your pickaxe is not a good thing.
the other is a modifier I got on a chestplate, giving 12% chance to survive lethal blows. even if this is the highest this modifier can go, taking the rules of the previous version of this mod (60% modifier strength on accessories) and extra accessory slots (expert mode, post ML calamity, wing slots, other stuff) and even the 20% upshot of high luck modifier rolling, this could very easily make you completely immortal.
thorium weapons are a bit off. so far it seems like bard weapons can get modifiers, while healing weapons cant.
on the topic of status infliction, maybe base it off of the weapons base damage? getting only a few percent chance to poison something still means a decent increase in average DPS if your weapon is for example a wooden boomerang, while your solar eruption hits twice a second for massive damage so anything below massive infliction chance is pointless.
you could give it one percent average chance for every 3 base damage, with usual modifier variance.