Now, your damage starts out at around 150 (which is about 100 dps with 0.66 attack rate). You will get about +90 damage on the way to level 10 and your attack rate increases to 0.75 (which is like 142 dps). Let's say you got the items above, then you have +85 damage and some crit and also +37.5 damage added on top of that. You will be at 300 dps. However this will ruin your survivability because you are running around with 2500-3000 health and facing spells that hit with ~1000 damage on average, so you have to play extremly defensive.
You're forgetting another thing that further amplifies your conclusion - they also have some additional armor at level 10 (more so for the hp build), so while the HP build will have always more than doubled the healthpoints, the DPS build will have the dps reduced by 30-40%.
Example - TB level 10, Banded Armor, Blood of the Fallen, Nimoth Chest Armor, Scalemail, Unbreakable Boots, Vlemish Faceguard:
4700 hp, 1860 armor (42,7% damage mitigation), 18,5 hp/s - up from
1400 hp, 240 armor (8,8% damage mitigation), 2,2 hp/s (level 1 base no items)
That is 3,3x the base hp and almost 35% more damage mitigation with additional 26,4 dps (18,5 + 42,7%) mitigated by regen.
Meanwhile, for example Oak starts with 110 dps base at level 1 (160 average damage). Actual direct damage at base against above TB will be 207 * 0,912 - 2,4 = 98 dps.
At level 10 his base damage will grow to 187 dps (234 average damage). He will gain as per your example ~100 damage + 100 damage from soul power and spirits. 430 average damage, lets say ~340 dps. Against above TB, 340 * 0,573 - 26,4 = 168 dps, or only
1,72x more dps.
Off course, not all damage on the hp build will be mitigated by armor, but still you'd be hard pressed to match it in pure 1v1 with a dps build.
Same percentage, vesuvius, but different raw amounts. The actual total DPS lowered by Ooze is greater on the DPS build, which is why it was unfair.
Actually it doesn't matter, if I increase my hp by 20% and you increase your dps by 20% (regardless of starting points and raw amount change), we'd be at same strength. Actually, as has been posted, I will also add armor with my hp increase thus reducing your dps which makes me loose more dps (%) by the Ooze mitigation.