What to do about Ascended Items:
It does require a massive grind to acquire the ascension gear atm (at least what we can get of it anyway).
To put it simply , almost nobody will be able to get their hands on it , thus , people will keep using rare/exo MF gear mostly anyway.
While true … the people that actually manage to farm it one day , will not have to worry about less stats.
Living up to the original promises of no gear grind treadmill, would be even better, but with that promise broken, the OP’s suggestion would be an improvement on the current situation.
Oops, missed one bit of the original idea:
Remove Magic Find from all other armour sets. Make Travellers, Explorers and Wayfarers give some other effect instead.
My suggestion would be:
Travellers: Vitality
Explorers: Toughness
Wayfarers: Healing Power