After reading a few of the crafting thread and doing some of my own testing. I sorta figured out a way to get more success out of crafting.
I've noticed that Rapid synth gives you the best bang for progress vs durability lost, EVEN IF YOU BOMB IT. I've been using the following method for the whole night and my success rate was well into the 90%. Here is what I did.
Starting out, Rapid synth.
Chance of success or fail is roughly 50% each way. If you are successful, you get almost 30% progress and maybe 5 durability lost. If you bombed it, you will get ~15% progress and also ~5 durability lost. Note: There is a small chance that you will critically bomb it. In that case you get about 7% progress and about -10 on durability.
Now regardless what you are successful or not. If you see blinking light, just wait, BUT wait 3 turn MAX. Then you go for the rapid synth again. It seems like after 3 turns of waiting, even if you bomb your synth with rapid, you still get 14-16% progress and losing anywhere from 7-10 durability. After adding the 6 durability lost during the wait, you still have a good chance coming out ahead. If you see ANY solid color, just hit the rapid synth regardless it is white, orange or red...even it is sparkling. You have a decent chance to success which will add nearly 30% progress with minimum lost on durability. A bomb on solid color will be similar to a bomb after 3 waits. Of cause, there is still a small chance of critical failure. You will just have to suck it up.
The method is great for synthing any item that doesn't have the durability counter, like weapons and armor. You can even make something with decent quality (ending your synth with almost 100 quality). All you have to do is at the end of the synth, if you are lucky, you will still have tons of durability left. Which you can use it to do some bold synth to up the quality of the item. If you are really unlucky and doesn't have much durability left at the end of hte synth, well....making an item is better than losing all the materials, right? And of cause, if you want to make +1 item, this won't help you :)