QUOTE(Juggernaut Santa)

1) If you can put more than 10% of the total pool, GLT is useless since it won't bump your effective ticket count above that.
2) If you can put between 5.001 and 9.999% of the pool, the GLT will not be fully effective...
3) If you can put less than 5% of the total pool even with the full 20k, your odds will still be abysmal even with the ticket, you're bound to lose >90% of the time anyway.
I agree with pretty much all this. Condition 3) is basically what the golden lottery ticket is for and when it should be used. Abysmal odds are not, it's basically a permission card to throw down with the big boys on a particular great item that shows up.
It'll be up to you to decide if the pot size of a rich item is worth the cost (I just calculate the credits size of the whole pot). For such items almost everyone is going to use a GLT so throwing one in would seemingly have no effect on your odds. But if you didn't throw a GLT in you're doubly worse, so if you don't have a GLT you essentially have no permission to bid.
With that limitation though, I guess the GLT could be useless for most players' wallets. Even if the pot size were cost effective, I don't think I should throw into a PHOH lottery with a GLT because I'm just not that rich and it's not worth it for me to aim so high.
I'd like to get a Peerless Ethereal or Demonic Rapier of Slaughter though one day, and if the pot size is cost effective I think a GLT works perfectly for that.