I think that Piercing damage should be affected by Melee Power (while still ignoring armor), and that Blasting damage should not be affected by Melee Power (while still being resistable by armor).
I do like this a lot personally, it would give more variance to the damage types and make piercing damage more useful (and more deadly. Arch diggles would be pleased). Also piercing on crossbows needs to be affected by crit, and thus doubled. Nobody cares if the slashing damage is doubled.
That would be a good rebalance for throwing axes. Dunno if the bolts need that though, the super barbed one (forgot the name) are already mean enough.