This doesn't solve many of the problems involved. This will only stop low level players from using these weapons, not stop players from wanting it. Their demand with wealthiest and strongest players won't go down, and even if someone manages to get one but can't use it, it'll be incredibly valuable for selling anyways. Not only that, but players who are lucky enough to get the weapon can just hold onto it for later if it's worth holding onto.
Max enchanting crafting and transmutation are significantly different than having to invest on something like dangerous upgrades.
1. There is no risk of losing the item you are working on, where as dangerous upgrades risk you losing the item and everything you've invested into it, which can be a huge amount of time and money. You're only spending materials to craft, Transmutating or Max enchanting will never leave you weapon-less.
2. Max enchanted items are not necessarily the best items you can get, as an extra treasure mod may not be very helpful to your build and found items can be more helpful as a best in slot item. There is no reason not to want more damage on a weapon like on a dangerous upgrade which is why everyone has to be involved with it.
3. Transmutation forces the item to become soulbound to the player, which is why everyone needs to transmute their own gear. Dangerous upgrades don't attune the weapon, which is why they become so prominent in the economy and money becomes directly linked to power. If they did attune, then suddenly everyone would be forced to do the gambling themselves if no one could buy the items which would make things even worse.
4. The chance of crafting a max-enchant yellow or getting the mod you want from transmutation is significantly higher than any RNG upgrade system in any game I've seen. That's not saying I'd be ok with dangerous enchants if they had a high success rate, but it certainly makes it a loss less frustrating, and the grind is much more reasonable. A fresh level 70 can definitely end up with an end game set in a month. Korean MMORPGs with these systems are not known for having reasonable grinds around a month long for end game gear.
Also, just because Project Gorgon involves grinding doesn't justify frustrating systems in order to encourage more grinding. The devs want to make the game fun and rewarding, not to try and consume as much of our lives as possible rolling dice. If they wish to add a rewarding grind, there is no reason not to simply remove the heavy RNG aspects and make it very costly instead which is more in the spirit of Project Gorgon. Something that rewards hard work, not the luckiest players.