Lightning Coil and new flasks of 3.5

If i use

Lightning Coil
(30% of Physical Damage from Hits taken as Lightning Damage)


and
Topaz Flask
+50% to Lightning Resistance
20% less Lightning Damage taken


when I take physical damage:

Am I going to take less than 20% of lightning damage that was physical damage?


Which result of taking 100 physical damage with 50% lightning resist and 20% less Lightning Damage taken??

If my math is not wrong if you get hit by 100 phys dmg than 6% Lightning dmg goes through and takes away from your hp/shield. Assuming you have 75% Lightning res and Coil/Flask on. Rest is 70% phys dmg that goes through.