Let's take a quick look how MF works in D2.
After the game determines a base item to drop, it performs a number of quality checks. The order of these checks is unique, set, rare, magical, rest i.e. the game determines if the item is unique first, if this unique check fails, it tries for set, etc.
Step by Step instructions of the unique check: (Note: lower chance is better)
1. starting point
chance = unique - ((mlvl - qlvl)/UniqueDivisor)
mlvl = monsterlevel (120 for destruction difficulty)
qlvl = quality level of the base item (1 for amulets/rings; 70-90 for Sacred Armors/Weapons )
unique = 150 (SP value, not the realm value)
UniqueDivisor = 1 (SP value, generally not important)
2. precision
chance = chance * 128
3. Magic Find
Now MF enters the equation. MF has diminishing returns and is used to calculate Effective MF(eMF)
eMF = (Factor * MF) / (Factor+MF) (Factor = 250 for unique, 500 for set, 600 for rare.)
and it lowers chance by: (lower is better)
chance = chance * (100 / (100 + eMF))
MF eMF 100/(100 + eMF)
375 150 0.4
750 187.5 ~0.348
1000 200 0.333
1600 216.2 ~0.31
4. lower bound for unique success
if chance < Uniquemin then chance = Uniquemin
Uniquemin = 3000 (SP value, not the realm value)
5. QualityFactors
omitted. Relevant for bosses and drop bias. (reduces chance further)
6. Random roll
And the final step. The games rolls a random number between 0 and int[chance] - 1. If this number is less than 128 the check is successful and the game makes a list of all possible uniques it can drop from this specific item and chooses one randomly based on rarity(not all uniques are equally likely).
From affix/suffix list - you can get 80 MF on armors. ASSume you craft armor, boots, gloves and helmet and you get over over 80 Mf with lvl 88 req gears = 4 x 80 = 320 Mf.
You should differentiate more between the armor type.
From affixes alone you get:
body armor(torso) : up to 125% (+ up to 120% Spiritual Shrine Craft + Bless; +60% MO, +180% crafted jewels)
helm, belt, gloves : up to 40% each ((+ up to 80% Spiritual Shrine Craft + Bless; +60% MO, +X% crafted jewels))
boots : up to 15% (+ up to 80% Spiritual Shrine Craft + Bless; +60% MO, +120% crafted jewels)