As has been said by many others regarding these changes...No, just no.
In terms of high quality Cannith crafted gear, this change will kill it. Lower level crafting may survive, but this change does not make putting effort into crafting desirable, or even reasonable. The costs for these recipes are far too high for far too low a return.
Furthermore, the use of BtC items for crafting seems inconsistent with the previous direction crafting was going, even less BtC raid loot. If a raid loot has a drop rate of 5%, with a 66 hour timer, more than 35 days will be required on average to have even a 50% chance of receiving the item. If one was just looking for a raid item, that would be fine, but for ingredients, that's a bit much.
Initially, crafting seemed to me to be the "quick, but expensive" route for gaining nice items. With this setup it's "slower than traditional grinding and outrageously overpriced."