How is Mastery Rank calculated.

[Alhanelem]

Titles already have a value, they cost a certain amount of gil to change back to the title at the adventuring bards. This would be a somewhat easy way to implement a system that involved weighted titles and a total amount of points required to achieve a rank.

Maybe, but the gil price at the bard does not really correlate very much with the actual difficulty of attaining a given title in a ton of cases.