I am still playing for this season as the effect from the decision has not happened yet.
But if I build up T5 gear and then it is useless in the next end game content in comparison to the new featured gear, that will be the end for me. Not just me. You will lose people drastically fast. This system as described has zero respect for our time and effort. Noone mentally healthy will stick around long term for something like that.
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Id recommend just doing 1 character or you'll never see tier 5 gear. You need to get to 450 & 200-400 is extremely long, & 400-450 is like 5 times longer than 200-400