This looks to be pointed in the right direction.
Some thoughts:
1. I do not mind at all that the max level is capped. It keeps RG loot relevant.
2. Please keep the essences/ingredients limited to a max of (3).
3. Please severely limited or completely eliminate special ingredients from the process. Or at the very least consider what quests are actually run and stay away from ingredients found in dead quests.
4. Deconstruction has to be made much more convenient. Some options to consider:
a. Anytime, anywhere: I know this is likely the most difficult to pull off but it sure would be nice
b. Deconstruct at any (general??) vendor: make a separate tab or Decon all button...not sure exactly but the idea would be easier access to the deconstruction process. I would not even mind if the essence received was random (ie 50% prefix 50% suffix).