It would give the gunsmith some business, and give us something worthwhile to use our Motes for.
Also would give me a reason to have more than one type of the same gun. I usually just dismantle ones with worse stats to save on space. It would be fun having an Ice Breaker of each element.
Edit: Legendary weapons only....ignore my greedy Ice Breaker comment.
Edit 2: Maybe make it just one reforge session per weapon..once you leave the vendor after reforging, that gun can't be reforged again.
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Hm. This would certainly give poor Banshee a purpose aside from a few exotic bounties. Sounds like it would have to have a few caveats and fine print though- probably no exotics and rares. I could easily see people spamming this too to get the uber perks for everything... but then that possibility exists with IB as well. Good idea OP. I like it