Atleast we can use the Celebration to Light up caves with ease...
Actually I believe the Lunar Flare is much better at that. xD
Now that I think about it, Esmeralda the Slimegirl suggested her idea about Airstrike... ...which is pretty much a ranged version of Lunar Flare. At the moment, from all the weapons, Meowmere and Lunar Flare are my favourite ones.
Well, if we had something like that I couldn't care any less what the other ranged drops are. xD
If I'm right, then it would follow this pattern:
4% chance to get double damage is equal to 4% more damage because:
24*100 + 200 = 25*104
Though when it comes to Crit Chance, You can't be sure if it will always go according to your plan
Actually damage increase is slightly better as crits are doubling the damage after defense.
Added to 100 base damage against 20 defense, the difference between 4% crit and 4% damage is like:
(100*1.04)-30/2=89
vs
(100-30/2)*1.04=88.4
Of course, as damage bonus and critical hit chance are multiplicative modifiers to each other. Increasing the lower one offers the better DPS increase generally.
If you have to choose between 20% crit and 20% damage you should always consider increasing your lower percentage. Of course crit chance beyond 100% won't increase your DPS, after that, only damage bonuses help you any further.
An example of 36% damage and 27% crit chance you want to choose between increasing damage and crit from accessories:
All meancing: 156%*127% => 198,12%
All lucky: 136%*147% => 199,92%
Menacing x2 and Lucky x3: 144%*139% => 200,16%
As you can see, in case of ranged, mixed with Lucky might prove better on paper first, but after consideration of how defense is subtracted from critical hits twice, decreasing the effect of crits on DPS in general, I'd say Lucky and Menacing are perfectly equal in the end, it's a matter of personal preference.
Ironically, I use All Lucky in order to decrease randomness in my DPS. As of 1.3 ranged can reach around 100% crit with the use of all Lucky accessories and Rage potion, using several weapons, completely removing the random nature of crits. Even weapons with base crit tend to reach around 90% crit chance after Rage potion which is quite stable.
Edit: As for spelunking goes, I use the Clentaminator instead. Whenever I take a world seriously I cleanse it completely first which draws it on my map as well. =^-^=