I kind of wondered about some of the 5-6 property weapon recipes as well, considering that basically all you need is +damage and +% damage for a good weapon and the rest is gravy.
However, from my own experience, it seems that when browsing and identifying weapons I almost never see the ILVL 62 ones turn out any good. Maybe I haven't been paying enough attention, but I feel like weapons may have some sort of intrinsic restriction on DPS or properties that makes the difference between item level 62 and 63 more important than it may seem/sound.
If I was going to seriously consider it, I think the first thing I'd do is browse the AH to see what kind of examples of IL 62 weapons I could find. Off hand, I feel like all the 'good' ones I see are IL 63, but I might not be going back far enough. As you say, a weapon with great properties and even 'only' high 700/800 DPS can be really valuable.