A degree of challenge or work is fine. However, requiring 1150 myth tomes and 9 oaknots (or 45000 GC seals) for just one augment item, and requiring TWO such items for the pieces most people will want to have (other than the hat) is an absurd amount for what is in fact nothing but the ability to dye an item you already own. Hell, I could make a "dyeable Battlemage Robe", aka Cashmere Robe of Casting, for less than that requires, and the latter is actually usable in battle because it's an i90 HQ-able crafted gear, able to be made superior to Allagan gear and even to weathered soldiery or CT gear.
And it doesn't help that literally the only ones who can make these things are alchemists, who already got the lion's share of primal weapons and the item literally every piece of LHS crafted 3* gear requires two of. I really hope Square rebalances things a bit, BSM/ARM/CRP have been getting seriously shafted lately, particularly BSM.