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Light-Handed Playing, despite not stating it anywhere, is being considered an Effeciency cost negation, meaning it doesn't apply if the user takes Vocal Training.
(Dawr of Defense is 17FP to cast with Vocal Training: 5 and Light-Handed Playing: 1, rather than the estimated actual cost of 15 FP)
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It wasn't applying at all for FP reduction, actually. Corrected in 2.74.
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As of 2.78, Light-Handed Playing is not applying for all bard base class skills, as the skill text states.
Dances (namely Ice Slide for testing), are still costing the full 20 FP, rather than a reduces 18 FP.
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This has been corrected in 2.79.