I am probably not the kind of mathematician you expected, but here is what i understand (which might be wrong...)
The fact that LHO holds at least 4 hearts or that RHO holds at least 5 hearts is not new information to you. You always knew that, given the information you have so far (minor suit break + spade split upto now). So there is no need to take that information into account when calculating the odds. Check out Richard Pavlicek's article titled "How percentages change":
http://www.rpbridge.net/7z75.htm.
In calculating the likelihood of LHO holding the SQ, the number of vacant spaces you need to count is still 5 (13 minus 2 spades, 5 diamonds and 1 club) and for RHO it is still 6 (13 minus 3 spades, 1 diamond and 3 clubs)*. The fact that you know LHO has at least 4 hearts is irrelevant (as it is not new information), as no matter how you distribute the cards with 5 vacant spaces, it will still be true that LHO has at least 4 hearts. The info that LHO has at least 4 hearts has not eliminated any cases for you...
When you actually count the possible number of holdings of LHO, the number of 2-5-5-1 holdings of LHOs vs number of 3-4-5-1 holdings of LHO is different. In fact the number of possible 2-5-5-1 holdings with LHO is greater than number of possible 3-4-5-1 holdings and that is the reason ruffing finesse is better.
If you want to count the holdings by giving LHO a 4 carder heart first and RHO 5 carder heart, you have to be careful not to double count.
For instance you give four specific hearts to LHO and five specific hearts to RHO. You are now left with the SQ and the 10th heart. The chances that LHO now gets the the 10th heart is 50% is true... but if you consider over all such "specific" holdings, you will double count some of the LHO 5 card heart distributions, which means that chances of LHO holding the 5 carder heart will be smaller than the chances of him holding the Spade Q.
For instance, first you give 3,5,6,7 to LHO and 8,9,T,J,Q to RHO. Now you randomly pick SQ or HK to give to LHO. Say LHO get the K.
Now in another instance, you give LHO, K,7,6,5 and give RHO 8,9,T,J,Q. Now you randomly pick SQ or H3 to give to LHO. If you give LHO the 3, then you end up with the distribution of the previous paragraph...
Basically, the term "the fifth heart" is ambiguous as compared to the "the spade queen".
Hope I have not managed to confuse the topic even further.
* - Note, this assumes that the heart suit cards played by LHO and RHO on the heart trick are equally random (and you forgot to notice them). If they follow some signalling conventions, then the heart spots give you new information which you have to cater to...
1♦ - 1NT
2♣ - 2♦
4♦ - 4♥
5♥ - 6♣
1NT = artificial GF
2♦ relay for shape
4♦ 2074 plus 5 controls (AAK/AKKK)
4♥ relay for tops (AKQ)
5♥ 2 in ♦ + 1 in ♣ + 1 in ♠
Lead : Q♣