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So I've gotten Leatherworking Desynth up fairly high, already sunk about a million gil into it, only to realize it's the worst of all of them.
Should I just suck it up and hope that SE makes it somewhat viable in the future, or cut my losses and switch?
Well it's not like you lose most of your progress by switching what you're desynthing.
Your ltw may go down by a few decimal points while you start on something else but it's not going to drop back to 0.
Considering you can max out three classes, may as well switch to do something you actually want to do now, and pick up ltw desynth as items casually come in.
If your above d80 skill stick it out until they raise the skill cap to 400. Otherwise abandon ship there is no shame in it. I had to abandon CUL/CRP and both where d70.
You prevent your desynth level from going down as long as you attempt a desynth of anything on it within 4.
Ie
3x new class
1x ltw
Repeat
You seem to play as Bard, so most of the equipment you can 'Need' on will be LTW or WVR. So it could be nice to have both of those levelled if you run high level dungeons often, for a chance of converting stuff into Battlecraft 3's.
LTW may not be as good as others, but as others have said, it's not bad for getting BC3s from dungeons. Run dungeons that drop i70-i80 desynthable loot (Crystal Tower 1, the 2.2 dungeons, etc), and start working on more interesting desynth classes.
I'm guessing that at some point, they'll make the Ixali smithing gloves desynthable, and then they'll become a decent way to get Mastercrafts. Then, LTW desynth won't be so terrible.