Sorry, I was ignoring the left side (the T_h - T_c / T_h) part of the formula to see the relative change from changing zT from 2.5 to 5.0. Effectively I was looking at the relative efficiency of the high zT material in the limit as T_h approaches T_c. Which as you point out, drives the real individual efficiencies to zero. I was just trying to get the "best case" scenario.
Would also point out that for the IoT like applications, the assumption of T_c ~= T_h isn't so bad. For example, if you wanted something powered off residual body heat, you're looking at something like 293/310 = 0.945. For