The hit rating caps are 363/64 (with Precision) for end-game raid bosses; but you don't "need" them for raiding. Just a clarification. There is a so-called "trash-cap" which I can't remember right now but it's in the mid 200s somewhere and most t4+ raiding groups are looking for that in their combat rogues.
Hit Rating is, indeed, the most efficient way to raise your overall DPS in a well-balance gear set up. But with itemization the way it is, you're not going to get capped without seriously gimping something else. It's the most important and you should definitely gem for it, but remember to keep up AP, Agi, Haste, etc as well. You can basically ignore Stam, enough just comes along with the rest of the gear.
If you're running with 212 hit now and producing 600+ sustained DPS in ZA, you're fine ;)
And the badge gear is really, really good (best pve belt in-game, IMO). Definitely worth shooting for.