About the might modifiers: I believe yours are more accurate, if not correct.
When you succesfully strike a monster, your recovery time is cut in about 1/3. In the disk version, when you made it to Rogue level 7 (without item bonusses) you're recovery time will be about equal to that recovery time. Kieran either always strikes with that speed or somewhere around that.
This speed bonus was nerfed in the Cd version though...
Rogue level also helps to pick locks (duh). I don't know about item finding, but it might be true; when I played the game some years ago, I always leveled up a lot. I usually found one Bezel Ring in a tree hole. But nowadays I don't level up much and I can't seem to find it...
In one of the posts here is a guy that thought he had once found the Zephyr Ring in a tree hole. The Zephyr ring can be found in a chest behind the door with the Fancy Lock, so it can't be found normally. It cuts your recovery time in 1/3.
It could be a theory that, if your Rogue level is high enough, this ring can be found in a tree hole.
But it's more likely he confused it with the Bezel Ring!
Now onto something completely different...
Do you remember that button in Castle Cimmeria level 2, that didn't seem to do anything? It's in the south part of the level, on a north wall. Well, it indeed does nothing, but behind it is a chest with a Cloud Ring. The effects of this ring are still unknown...