When Destiny 2 arrives I believe it should be a wipe of all possessions.
I also believe your gromoire is the essence of your guardian.. it tells the story of your legend, the things you have accomplished and over come to become the guardian you are today.
The only thing that you should bring with you is your name and your Grimoire.
As for rewards...I think a special legacy exotic shader and emblem should be awarded aswell as a newly created weapon for you to carry as your newly born guardian begins the next saga of his legacy..
Let's call the weapon Essence.
Just my point of view
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Sounds cool!