Of course it won’t help. I did an analysis in this thread https://eu.forums.blizzard.com/en/wow/t/the-average-loot-rate-is-okay-but-the-unlucky-can-suffer-horribly/229786
Basically you need to run 60 dungeons to get a single item that you need with 95% probability (assuming you need one item from each dungeon).
Valor should be used to purchase the gear, not upgrade it.