From what you say here:
Assuming a 35k AP, 75% Mastery, 50% PvP Power with full CD's.
Your calculations are correct untill you reach the "the bleed are dealing only with 40% resilience".
PvP Power is a new stat in Mists of Pandaria that ignores Resilience. So a druid with 50% pvp power on a 74% resilience guy should only be affected by 24% resilience. If were in fact being affected by 40% resilience like you said, it would be a bug that would make druid damage low.
Also, bleeds and magic effects ignore 100% armor. It would be silly if you could reduce the ammount of blood you're bleeding by just putting up some heavy armor right? :)