How much is a 5* Hero worth?

That would include all unwanted duplicates and unwanted cards like Mok-Arr or Khagan.
Take those out and the price per actual usable hero jumps beyond obscene. To acquire a specific hero will cost the same as the GDP of a small country

got to go back and unsimplify your math.

Step 1: align the cost of currency or gem per portal against the recurring sales offer. $30 for 3000 TOL currency for the TOL example.

Step 2: identify the % chance where you will net the target hero or hero cluster (old hotm in this case) that you are fine buying until. (e.g. are you spending until you have a 50% chance of getting any hotm or until a 99% chance of getting a gravemaker.

Step 3: First add in the cost from the sale, then add in the remainder of the summon cost from the gems and arrive at your spend chase total.

Step 4: consider buying a yacht, a porsche or a trip to Hawaii instead.

What is the value of chasing Gravemaker? 95k? more like one 2020 Porsche Cayenne. Which will make you happier? That’s obviously a personal choice but…

The problem is you are not buying 5 star heroes, you are buying chances at them. Like in a raffle you’re not buying the prize you are buying a chance at the prize