To be honest, it's a horrible idea. First of all, blues have less perks, are saying it would RNG a random extra perk? Second of all, I would hate to get a year 2 item then have to go run year 1 content to make it better.
Also, turning it in as faction rep makes no sense, it's a reef item, if anything we should be able to break it down for rep with variks, or at the least for rep with the queen - now I'm not saying this is useful, but it makes sense.
Bungie would never make it so it can reroll the perks on legendary gear, the reroll weapons option last expansion was the worse thing ever, it totally killed farming, and caused weapons that didn't have the best perks to be useless.
If you've ever played another mmo before you will be familiar with new expansions rendering old things completely useless, the best they should do is make it slightly better than useless.
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Tubaldwiz
Titan Overlords. - old
You don't have to do anything like that it's for people who have a shit ton of etheric light -
I have 12. Haven't farmed any more since expansion. If they introduce a blue to purple conversion then 12 won't be enough. 20 won't be enough. You will have to go back and farm POE.