How to get to 400 light.
On your first character open saved faction packages selecting weapons. Transfer those weapons to your second character. On your second character, open saved faction packages selecting armor. Transfer the weapons and infuse the armor onto your third character. Open your faction packages on your third character selecting which ever is lowest light in weapons or armor. Make sure your third character is already ranked up with Eris so he can get a new relic. If you have not yet gotten a higher light ghost, farm the archons forge for a ghost. While still on your third character, open saved exotic Engrams. Using the method above, I expect to go up by at least 10 light levels between the time the new patch goes live on Tuesday, and the hard raid releases.
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Exactly. The only fall off is that people generally do not like dismantling armor on their characters, unless you just happen to have junk around. The days of iron armor fills that gap, and allows you to be max light without having to sacrifice any of your favorite loot :)