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True, the Kilt (especially when paired with the bracers) already devalued Mastery by a ton.
However, the 4 set is sure to be a higher dps increase than 0.2%.

I was wondering, is it still 35%, or is it 20% now?

Edit: That is to say, is the tooltip adjusted already?

Not really, there is docs file on the internet showing rough estimates for set piece bonuses for each spec and how increase % it gives. For arcane its pretty high for 0-2 which is almost 4,5% as for 2-4 is less around 0,5% so yeah. According to sims there is only big difference in 0-2. That's not t...