I’m just going to say this here.
I’ve been farming Graveward all weekend long. 100 runs on each level between TVHM with no Mayhem to TVHM M4. I’m still working on the last M4 so the stats I have collected aren’t complete, but…
Faming Graveward on any Mayhem level, even M1 will result in a drop rate of about 1 legendary per run on average. Every level from M1 and higher I farmed more than 10 class mods, 10 shields, 20 Artifacts, and more than 50 guns. M2 is the sweet spot if you’re just farming for world drops and not looking for specific anointments. I averaged 1.4 legendaries per run at M2 and 20 of them were anointed.
M3 and M4 require a lot more time per kill.
M3 really didn’t result in a lot more items than M2. It jumped from 1.4 drops per run to a 1.67 drops per run average. The number of anointed items nearly doubled over M2 though.
M4 is killing me because I’m tracking every item I find by class and name. I’ll have a full list when I am done. So far though I’m averaging more than 2 legendaries per run with almost a third of them being anointed.
So next issue is time. Farming Graveward on M1 with a good high DPS build should take less than a minute to actually kill him. You’ll spend more time in the quitting, saving, and restarting then you will actually playing. You shouldn’t have any problem making 1 run per minute if you’re looking for specific loot and not just grabbing everything that falls. M2 only adds about 10-15 seconds per run.
M3 will double the time of an M2 run though, and an M4 run is about quadruple the time of an M2 run, so unless you’re specifically looking for anointments you’ll get more drops per hour farming M2 than M4.
Now, is farming for a specific item that has both world drops and a dedicated drop source faster farming someone like Graveward or is it faster to farm the dedicated loot source? In my experience if you’re not farming for a specific anointment then you’ll get any item that world drops faster from Graveward than a dedicated loot source. I got most every major weapon and item that world drops to drop at M2 with just 100 runs.
Which all leads me to this conclusion.
If you are trying to create the most perfect build with all of the perfect weapons with the perfect attachments and perfect anointments combined with all of the perfect shields, grenades, class mods, and artifacts then you’re going to be spending literally dozens to hundreds of hours farming for just the most perfect gear possible from dedicated loot sources.
However, if you’re just needing gear good enough to run through M3 without it being too difficult or frustrating and then step into M4 aware that it is going to be a challenge and you will die many times, you can get that in 1, maybe 2 hours of farming Graveward at M2 level. No problem.