I have seen a few things relating to this topic, but none of them have really answered my questions of which is more cost effective and how many chests can be opened with a stack of lockpicks based on your retain rate. So I decided to just work it out on my own. However I was somewhat surprised with the results at first then they started to make more sense. I would like to throw this out and have some other eyes look it over. Does anyone see any problems with my assumptions or logic?
All of my assumptions are shown on the sheet. If your HM vs NM retain rates are not in increments of 5 you should be able to just interpolate between columns for a rough estimate.
PS, if this post should be in another area, mods feel free to redirect me to the proper place.