This is not how it works.
The correct formula is :
Weapon damage x weapon skill x (strength + warfare)
With a mace with 35 dmg base, 30 strength (+100%), 10 warfare (50%) and 10 in 2handed (50%), it gives :
35 x 1.5 x (50% + 100%)
35 x 1.5 x 2.5 = 131.5 (which gives 132 dmg in tooltip)
Went and tested in GM mode.
The stat of Warfare and Ranged is directly shown on your weapon damage when you increase it.
The final damage is weapon damage * (1 + stat *0.5 + weapon talent) * (Warfare/Magic multiplier)
So
100 ranged weapon damage
30 dex 100% damage
10 warfare 50% Physical
10 ranged 50% ranged
gives
100 * ( 1+1 (dex) + 0.5 (ranged) ) * (1 +0.5 (warfare)) = 375 damage
So in a way, weapon talent are actually just increasing dex/str with extra stat bonus. Highest damage will have you go for 10 warfare first on any physical damager
The final damage multiplier (crit, highground) stack additively.
Haven't tested magic.
