I think good initiative, but maybe not so much an exotic piece per say, but rare/legendary might be a better fit. Maybe you could do like xur and the banner does, spend a mote of light or a set amount of something to double the amount you can farm/have them glow, something like that. Does seem like there should be a way to increase the amount you can farm though, most other mmorpg's have some form of it. Good idea though!
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Exotics would become the equivalent of a rare
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I don't think being able to see farming materials would qualify as "exotic" as it doesn't do anything to really affect gameplay. I mean lets be honest, how hard is it now just just run a couple Roc strikes and buy the stuff, you don't even need to farm anymore.