It totally procs, and it totally rocks, imho. Fun anyway, because my AP normally is 2700, but with timely procs of the coating (+300) and Skyguard Silver Cross (+140) plus popping Bladefist's Breadth (+200) I get to see AP numbers in the 3300s which I enjoy a lot for some reason.
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It might work, but Adamantite Weightstones are far superior.
and
I have adamantine weightstones too, but since the righteous coating only works on IQD, and I get 5 charges every time I finish the Ata'mal Terrace daily, I use up the righteous coating when I'm running those dailies...it's not like they're challenging and require maxing my DPS to that level of granularity.