They need to bring back the old failed meld animation, the one that locked you up for 37 seconds with your head lowered in shame.
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You seemed to leave out the dynamic scaling part. For example, a Grade 1 materia would scale properly for the gear it is equipped to. So a level 20 piece of gear would get a small portion of the stats, while a level 50 piece would get the maximum. Similar to the aetheryte earring they give away for preordering shadowbringers. The system is already in the game, transferring it to another item should be completely possible.
We will get 8 actually, a 7 with +60 and a 8 with +80 it seems...
I just wished we could mix materia on our own... i got so many stacks of V & VI but IT. TAKES. SO. LOOOOOOONG at Mutamix....