This is trivial. In two months it won't matter. You'll have stacks of Etheric Light, just like Radiant / Ascendant Materials. This is a short term complaint that will wash out. I mean, we're two weeks in to the expansion. How far along are you supposed to be? It took me three weeks to hit 32 on all three characters. House of Wolves took me all of three days. Weapon drops are insanely high (though the primary weapons suck), you're guaranteed armor at the end of the marginally difficult 32, where as with the raids you could end up with three completions and only have mats... I don't see the need for saturating the end game with Etheric Light.
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I wouldn't expect them to do this in less than a few weeks. By that time we'd be level 34 in general, as you've stated I'm not even thinking about getting to level 34 this way - I'm thinking more along the lines of actually ascending weapons that we like. This is more towards the long term uses for it. Just because I can get to 34 within a week or two under the current system doesn't mean that I like the gear that gets me there.
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I see. Here's how I see this progressing: Week 1: all characters 34 Week 2: three Fatebringers at 365 + 12 extra Etheric Light. Week 3: 21 Etheric Light... Week 4: 15 Etheric Light... Week 5: what's the point?
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What's the point of having 8 tokens that you can't use for a month or two because of how slow it is to level up the Queen? There are people that are still chasing VoG gear and others that like the look and stats but destroyed what they had when it got outclassed. Bungie has a LOT of materials that serve no real purpose right now that constantly increase. I stopped running the Vault in any serious fashion months ago and still had more than a thousand ascendant materials when this expansion came out. With the recent changes, planetary materials are essentially worthless, since you only use a couple during the upgrade process (as opposed to closer to 100) and they drop like candy when farming chests, which also give out special ammo synths faster than you can actually use them. Other weapons that you'd see getting upgraded would be Vision of Confluence, Corrective Measure, Praetorian Foil, Found Verdict, Praedyth's Revenge, Fang of Ir Yut, Swordbreaker, etc. Then there are vendor weapons like Secret Handshake that would also be worth upgrading. Again, I'm proposing a low drop rate to the point where you MIGHT get 1 or two per week between both raids, which wouldn't be near enough to flood people with materials, but would slightly speed up the process, especially for people that aren't great at PVP. All in all, it's another avenue of obtaining this material (granted, if there were even a 50% chance at getting it from a Nightfall as a supplemental drop, even this would not be necessary). Most people aren't going to get all 3 characters to 34 that quickly - sure, there are a lot who will, but the vast majority won't. All in all, I want there to be a reason to go back to the old raids.
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Essentially this is the same as asking Bungie to add Radiant mats to VoG. It isn't necessary. In very short order you will have more Etheric Light than you can stand. Etheric Light will eventually need to go the way of Commendations, just like the new Tokens, Keys and Cores. I already have a surplus of weapon cores and tokens that need to be deleted. Etheric Light to follow.