Very few investors have focus on dividends and glad to see this post.
Another interesting point that I had highlighted elsewhere is that when one invests in growth companies for long term, as growth for those companies normalises, dividend yield from them increases. So dividend graph from these should increase at much higher rates than EPS growth.
Regarding your analysis, curious if you considered the path of dividend not being reinvested. Will then also dividend be much more significant than capital appreciation over very long term?
My logic tells me Yes it will be very close for above but would be good to know if your accurate analysis also reaches out to same conclusion.
Also, first decade can be considered accumulation and dividend reinvestment phase but subsequently constant capital and no dividend reinvestment.
You may not do this exercise (because already you have proved a very significant point rightly) but just thought to mention this practical scenario as for multi decades most would not keep reinvesting dividends or adding capital
Thanks again for enlightening this forum with number analysis as that is what many investors follow and admire. Simple logic often is overlooked 
cheers
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