I think this would be really useful and could be as simple as a one-button toggle. Just something so when you're absent-mindedly holding triangle to dismantle, you don't accidentally get rid of something you didn't mean to. Unfortunately, that's what I did to a good auto-rifle :(
[b]Edit:[/b] Yes, I know the delay is already there to try and make you think twice. But if you've been farming for a while, and your inventory is full of items that have the same icons, and you've got several alternate weapons in your inventory, it's easy to to just go into autopilot and accidental dismantle something. Borderlands had a system where you could "favorite" weapons. This would work twofold, so you could see your weapons of choice at a glance, and not have to worry about having a brain fart. And really, how would it hurt? You don't have to use it, but it's there.
Even if there were dialogue boxes that kept popping up saying "are you sure? are you really sure?" accidents would still happen because you go into auto-pilot with a bunch of weapons. With a favorites system you would have to get out of auto-pilot to dismantle it by doing something different.
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#feedback
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I swap out my weapons, armour and sub class when turning in bounties if they are maxed because the experience accumulated on them gives out more parts and glimmer when dismantled. This will almost definitely lead to me accidentally dismantling something I use in the long run. I agree with this suggestion wholeheartedly.