Cut damage is fine, however, damage dealt to the head, by cut, pierce, & blunt, should all be doubled. This applies most of all to cut, since as far as I am aware, it currently possesses the weakest multiplier to the head hitbox. It really is ridiculous how people without helmets survive overhead slashes. I believe the current multiplier is somewhere around 2.1 for hits the head. A hit to the head should be a 1 hit kill, and if you are wearing a plate helmet, a 2 hit at most.
As for wpf, my suggestion of 5wpp per 1wpf point would be a simpler solution, seeing as removing the wpp you get per level would cause for the need of completely reconstructing ranged wpf.