Edit: I found a relatively reliable way to test these values, though it is not 100% accurate. As such, it is up to you whether or not you choose to believe the results of my testing.
How I tested for these values
I turned my game down to the lowest possible settings, filtered special effects, went to a corner of the chocobo circuit and recorded myself casting songs in various setups. Everytime the cursor appeared over my head while casting, I hit esc to remove it quickly (I use the cursor as a reference point for when the song starts and finishes).
I recorded using fraps at 1/2 quality (no sound) recorded at 60 fps for highest accuracy. When reviewing the videos, I used Virtual Dub to inspect everything frame by frame. To determine how long a song took to cast, I would find the first frame where the cursor appeared next to my name in the party box (lower right side of screen) and record that frame number in a spreadsheet. I would then scroll ahead in the video until the same cursor reappeared as I was finishing the song and record that frame number in the same spreadsheet. The spreadsheet was set up to subtract the two frame counts from one another to determine how many frames it took to go from start to finish. I repeated this process until I had 40 samples for each setup I tested.
From these samples, I had excel calculate various things for me. I plugged in the expected frame count for each setup under the assumption that a song normally takes 480 frames (8 seconds) to cast. I then compared the lowest frame count, average frame count, and highest frame count for each set to its expected frame count. The resulting differences I called lowdev, avdev, and hidev. On my baseline tests with known alteration %s (nightingale, troubadour, minstrel's ring), I took an average and standard deviation of the lowdev, avdev, and hidevs. The standard deviation showed me that my lowdev was the most accurate value I had for determining an item's song casting adjustment. The averages of the lowdev, avdev and hidev also helped me to adjust the expected frame count of items with unknown song modifiers to be in line with these averages.
How song casting time is calculated
The basic equation for song casting time is relatively simple. All sources of song spellcasting time -%(SST) and fast cast(FC) are added together and multiplied by 0.5 if nightingale is active, and multiplied by 1.5 if troubadour is active. The combination of SST and FC has an absolute cap at 50% reduction, but this cap is ignored by nightingale meaning one could reach -75% casting time on songs under ideal conditions.
Estimated casting time reduction of items I have currently tested
Minstrel's Ring: -25%
Sheikh Manteel: -12.5~13%
Sha'ir Manteel: -12~12.5%
Rostrum Pumps: -2~2.5%
Loquacious Earring: -1~1.5%
Veela Cape: -1~1.25%
Ebur Tam: -1~1.5%
Fast Cast II (from /rdm): -15%
Various thoughts
I also tested what I felt to be the ideal suit for fast songs minus the dweomer knife which I just can't get a good augment for... It consists of ebur tam, sheikh manteel, veela cape, loq earring, rostrum pumps, and minstrel's ring. My testing shows it grants somewhere around -45% casting time total. The tam also has the ability of being imbued with an evolith that reduces song casting time of a specific element by up to 3%. So with the absolute perfect set of gear, it should be possible to reach the cap of -50% SST without subbing RDM.
Like many percentage based bonuses, SST becomes exponentially more useful the more of it you have (up to the cap). It is possible that in the coming year as the level cap increases, more and more sources of FC and SST will become available, so it may even become possible to reach the cap without forcing latent on ring which is already enough of a pain seeing as how bard is usually expected to /whm.
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