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No, it does not affect drop rates of useful materials, but increases critical hits chance and damage instead. It also adds additional points to resource gathering, so you'll be getting a little more wood and ore every time you fully chop down the tree or "destroy" an ore deposit.
There's no such stat as luck in the game, actually. The foot gives bonuses to crit damage, crit chance, grants a small amount of resistance to effects and increases wood/ore gathering.
For those, who like precision, the exact numbers of added values are:
Adds 1 Point to Crit Chance;
Adds 5 Points to Crit Modifier;
Adds 20 Points to Wood Extraction;
Adds 20 Points to Stone Extraction;
Adds 5 Points to Bleeding Resistance;
Adds 5 Points to Stunning Resistance;
Adds 1 Point to Evasion
Not in the game, that's for sure. It's more appropriate for such information to be displayed on some kind of Wiki page. The game already has one, by the way, though it's practically just a list of the same descriptions you could find in the game itself.
https://thewildeight.gamepedia.com/The_Wild_Eight_Wiki
Might be a good idea for us to expand it a little:)