Confirmed... the likelihood calculation is a range that is capped at something close to 32767.
Imagine five items with likelihood 200. The game then sets up a random roll between 0 and 1000, where a 0-200 means the first item gets picked, 201-400 the second, 401-600 the third and so on. But the range is also capped at 32767 or something close by. And because the core armor, weapons and items have a likelihood that adds up to 32900, it is not possible to add new items without changing all the core items.
So what I did was, I reduced all the core items' likelihood by half, so they were occupying the range of 0-16450. Then, I added 50 new items, that all had a likelihood of 2000. If I was correct, this would mean that I would only ever see my own items drop from the range of 16450-32767.
Then I proceeded to test the drops in-game, with these new variables in mind. There were two facts that confirmed my initial hypothesis.
First, out of the 50 items with likelihood 2000 that I added, I only ever got the first 9 items. This corresponds to the "free range", ie16 317 (32767-16450), or in other words, 16317/2000 = 8.1585.
Second, out of a 100 random items I looted, 49 were from my own items with 2000 likelihood. This would make sense, as the 0-16450 range is of core items, and the remaining 16451-32767 range is of modded items - in other words, half the likelihood were my own items, and half were core items.
The solution is to reduce all likelihood of core items by half (or more), to open up the range for our modded items to drop.