What about this....

OLD EPIC SYSTEM
Keep this, increase drop some rates (or have subset of seals/shards show up every 10 or maybe 20 completions in an extended end reward list), and use to upgrade items to their ML 20 versions. Want ML 24? Chunk the ML 20 version and some commendations of valor into the alter of epic rituals. Crunch and out comes a new item with +8 stats, +17 skills, or whatever is appropriate. Want the ML 28 version? Chunk in the ML 20 versions and more coms of valor.

STATIC ITEMS (Like Hound/VOD or using some minimal upgrade system like Reaver or Abbot)
Put either item into alter of epic rituals and use heroic coms instead of valor (maybe 3 for a first upgrade and 5 for a second?) and/or epic raid tokens?
I think it would be appropriatee to consider expanding the number of places to get heroic coms if using those.
Or you could just use a larger number of coms of valor? I kind of like the idea of raid tokens, though.

CRAFTING (Shroud/TOD rings)
New ML 30 raid and put it back on Shavarath.

CRAFTING (Dragontouched, Alchemical, Cannith Challenge/Crafting)
I would like to see these get some attention. Not sure what to do with them though.
Epic Skorjek (including Tempest Spine) and something else for House C?
I think these just need some love and commitment more than a whole new pass or mechanics.

I realize this would be a major time sink for devs and programmers.
On the other hand, you could do this instead of making all new ML 30 gear. Or make some ML 30 gear, just not as much, to go with this.
This could also address raid loot that has been really useless for a long time. Basic versions might still be useless, but upgraded items could be more desirable.

OR
Use some similar but different mechanism than using commendations? Very open to alternatives here.
Not sure about appropriate numbers of coms, but this is one way to keep old content relevant and possibly restoring some kind of end game.
I realize new loot has same or better functionality as old loot, the past is the past, etc. but this would also give more options and slots to choose from, and maybe a reason to run Reaver and DQ for something other than nostalgia.

Comments/Suggestions/Tweaks/Alternatives?