That's a good Idea. But I would rather something like Kadala from Diablo 3, which is similar but better because it can also work for obtaining gear in general as well as cosmetics.
For those who don't know, you would obtain blood shards from playing rifts and killing special enemies. Which you would spend at Kadala for obtaining gear. It was random but there was a chance of getting the best gear in the game.
I think a similar system should be adapted to eververse, where you do like OP says, earn tokens to spend for a chance to get the cosmetics which has its own category engrams. But this can also be applied to gear (armor, guns) so we have a easier chance of getting that godroll if they decide to go back to random rolls. Finally, everything in eververse needs to be put into the drop table. Give us more of a reason to farm for gear on strikes, raids, and public events.
P.S., to be able to reroll a single perk would be nice to ease up the grind (also like in D3).
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Also a system like Kanai's Cube would be really cool. Another avenue to get gear, combine 3-5 legendary engrams into 1 exotic engram, or maybe create special gear from things such as various resources, items found in the world or dropped by bosses and extra gear. I mean my ideas would only really be beneficial if they do go back to random rolls and have a lot more loot to grind for.