Do it and it's done no need to balence it, it's just a way of life improvement
The issues are that they cost, are consumables and lack customisation... There is Alot of value to earning color unlocks but like all good ideas it's about execution.
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Do you know who you're talking to? Nothing is that easy with Bungie. They'll either waaaaay overthink the revamp, much like emblems and trackers or completely half ass it, requiring multiple tries.
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...and those are changes that would require a complete redesign of the shader system. Right now this game has much bigger problems to address. Lack of loot. Lack of weapon perk depth and variety. A broken and unnecessarily confusing progressiion system......