Most of the ones I've looked at, the hard > elite upgrade was good, but the normal > hard was a real why-bother? Especially if you have the Normal and the Elite, the Hard can be extremely ignored.
I dunno about that - I have some stuff I only have on Normal or Hard, because that's all I've managed to get, even if I could wear the Elite. That would still be the case if they were all the same level - possibly even moreso, because there'd be cases of "Well, I have the elite... but I want to keep the normal so I can wear it two levels sooner when that character gets there." Whereas with N, H, and E all being the same ML, it'd be "Well, I have the elite, so I'm gonna go ahead and sell this Normal one!"
So I don't think it'd be a waste of effort, but it would definitely be a reward success.