Status damage numbers isn't a chance to inflict status. It's the damage you do with the status when the status damage procs.
So say you have a sword with 150 poison. Every single hit, there is a
chance for poison damage to be applied. It will not apply every hit, and it's not determined by status damage. However, every time the damage procs, you will do 150 poison damage. It's not even 150 poison damage, but I don't know the calculation for the true damage of status effects.
Elemental damage is bodaciously just divide by 10.
So if you have a Switch Axe that does 300 fire damage, it's true value is only 30. This sounds pretty bad, but the way elemental damages work means that on monster parts that are weak to that element, it massively increases damage.
Elemental damage is not affected by anything but a monster's weakness either. A weapon's motion values do not matter at all to elemental damage.
Things like Dual Blades, SnS, and Insect Glaive all benefit extremely from elemental damage because they hit very quickly and can apply elemental damage extremely well. Things like Great Sword, Gunlance, and Charge Blade barely benefit at all from elemental damage, and often you want to avoid it completely and just go for high raw damage.
Elemental and Status damage both have no effect on physical damage either. So a pair of Dual Blades that do 430 damage with 40 thunder, and a pair that do 430 damage with no element, will be outputting the same physical damage.
On monsters weak to an element, depending on the weapon, it's better to have a higher elemental damage as long as you're not sacrificing too much physical damage.
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but for instance, I have two thunder hammers, one has 728 physical damage and 80 thunder damage, and the other has 624/350. What's the better choice in which situations, assuming each time you're dealing with monsters weak to thunder?
For this in particular, Hammers could go either way. Hammers greatly benefit from physical damage, but they're also fast enough to apply elemental damage very well. Your choice would boil down to knowing where exactly the monster is weakest to the elemental damage, and determining if you can consistently hit it with the hammer. Some monsters get weaker, or even stronger, against elemental damage when their parts break, as well. You'd need to know if you can break that part and still reliably do damage after it's broken.