As far as I'm aware, shocking weapons, and the damage inflicted by conjure lightning is NOT armour piercing.
It's worth pointing out that lightning damage is only armour piercing if the spell description specifically says that the damage pierces armour.
In other words, conjure lightning doesn't have an inherent "edge" of that kind over the other conjure spells.
As for the armour calc, yes, I think you're right about the way it works, except that I think the +30 may also be modified by AP. There's a very informative treatise on combat mechanics on this site at
http://www.guildwarsguru.com/content...nics-id674.php