For the hit, you can also read this post:
Stat Thresholds are a new customization feature for WoW Classic,TBC Classic, and WotLK Classic. It let’s you do things like always get a minimum amount of hit, or a minimum amount of fire resistance.
This feature is available on the Customize tab of either Best in Bags or Best in Slot, which you can reach by clicking the tab label or clicking the Customize Strategy button during the setup step.
Click the arrow or heading below for a detailed tutorial:
That post has a specific example for your case: Orcs using axes only need 6% hit on gear to reach a 0% chance to miss with yellow attacks due to the racial bonus.
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