I would say personally that the value is equal. At first I thought spellbooks held more value, as you can stun punch with them equipped. But you cannot equip wands. And they ended up staying newbied instead of becoming blessed. So ultimately a spell book is still not realistic to carry around on a pvp char. Which basically places them side by side when it comes to value imo. Maybe a spellbook has the slight advantage in that when you are just going for the tram flex, its newbied by default, whereas with a runebook you have to bless it. Runebook has more practical use. But whatever. Both are rainbow pixels for the hands. Equal.
In my opinion, yes. Maybe slight advantage to spellbook for a blue player, since its newbied by default. But pixels are pixels, and both git er done.
Personal opinion, I'd rather wear/display a spellbook. The reason is I am in my rune book all the time, and I keep my paper doll collapsed. The extra step of opening my paper doll makes wearing/displaying my dyed rune book less feasible. For this reason I personally value spell books higher.
I'll give this a shot, thanks for the suggestion! edit* - after thinking about this a few seconds longer, I like it even better, it'll be faster than double clicking the book in my pack.