What do weapon skill and hit chance do for a hunter in PvE?
Attacking a lvl 63 target (boss) at lvl 60 with 300 skill, you would observe an 8% miss chance with 0% hit from gear/talents. 1% hit is ignored from gear when the skill difference between target (315) and player (300) is greater than 10. For e.g. If you were to gain 1% hit, you would still observe 8% miss chance, and if you gain 2% hit, you would observe 7% miss chance. So in order to be hit capped at 300 skill, you need 9% hit. When you have +5 skill, you get 1% from getting 0.2% hit per point up to 5, plus 1% for having 5 skill, plus removing the 1% penalty if you had any hit from gear/talents. Any additional skill above 5 reduces your chance to miss by 0.1% per point, all the way to 0%. An example of this would be for e.g. if you have 1% hit and 305 skill, attacking a 315 (lvl 63) target you would observe 5% miss chance. If you had 304 skill and 1% hit, you would observe a 7.2% miss chance, and if you had 309 skill with 1% hit you would observe 4.6% miss chance or 5.6% without 1% hit.
TL;DR 9% hit required with 300 skill, 6% hit 305 skill, anything else negligible