I'd be all for a Story Mode version of Coil that you can progress through just for the sake of story line. But there should be no rewards for beating that version, be that items or titles or achievements. It then leaves the standard version available for getting gear and being able to tackle older content.

But I wouldn't add in SM Coil in the same patch as the standard version. There needs to be some drive to doing the actual difficult content. What would be needed, to add in both SM and HM coil (maybe even Savage mode) in the same patch is content that the gear you acquire lets you attempt. Just like how SCoB gearing/getting i110 can let you try out Savage. Savage, too, needs something special to show for it other than just titles.

Ultimately, though, I have no issues having story being locked behind content. I'd rather content be meaningful and provide an incentive to tackle it and overcome the challenge than just be handed story and then have irrelevant content.