I think the game would be better with a transmog system, and custom shaders. A transmog system would let you make your character how you want. Custom shaders on the other hand, if rather than the four terrible shaders were replaced by different parts of the shader allowing to mix and match, would be great!
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I've never been a fan of transmog and it should stay out of Destiny. A Colt .45 is not a P90. That's basically what you are asking them to do. It doesn't work in the real world and it makes no sense in the game since it is purely cosmetic. I respect your opinion, but I strongly disagree.