I'd have to agree that with your gear you could pull more with a real Raiding Spec. I know there are a lot of Die-Hard Frost fans out there, but if you go by numbers at all you immediately find strength in a different Talent Build. Your build, minus the fact that you don't have Deep Freeze, looks like a strange PVP or possibly a leveling build of some sort. I don't know what you have those points in Arcane for either =\
I know you don't have a lot of money, but if you can scrounge up enough I'd try switching to one of the other specs, if only for 1 raid - you'll see a 50% jump in DPS switching to a spec that focuses less on survivability and more on Raid utility and damage.
As for the original topic, I suggest people hold on to their Emblems. Although I have heard NADA about new Emblem rewards in 3.1, I'm quite convinced they are coming. Blizzard knows the majority of us are out of things to buy with them, especially the Heroic ones, and just like they have in the past they are likely to add to the list of items we can buy.
T7 Pants are the worst piece in the set for both Heroic and Valorous, there are better pants found within respective raids of that caliber. I highly suggest that if you have the 4-piece set from the rest of the set, skip the pants. To be realistic, though, the Helmet is quite a rare catch, so if you're relying on your pants for the extra Critical damage, then by all means upgrade.