I can understand that it forces YOU not to play DDO, and that force is really a play choice on your part. I understand that this is how you want to play, great! .... who am I tell tell you different.
However I think the community as a whole enjoys the other aspects of DDO other than the raids. In fact I only look for raids when I get bored of other content. I HATE raids in MMO's as they are only designed to bait trap players into grinding until the next content expansion. I get their necessity but I dont have ti like them.
I think your system would have more merit if the only reward to running a raid was a roll on a named item. By having other chests to gather, not to mention the whole Shroud crafting system, allowing you to 'gang up' via your system on the same raid would be abused by the powergamers while giving almost no extra benefit to the casual gamer.