Honestly it sounds like you would be better off fighting Ifrit then going through that concept lol. It may sounds interesting on paper but the process to achieve the point seems a tad to complex. Having to obtain 3 things then ifrit's materia, would the materia be a drop rate in the same sense as the vampire cutting, dark matter, totems and weapons? If it's not 100% drop then it's just not worth the time to go through this process, you can easily run 3-4 Ifrits an hour with a good group rather then go through the process of going through other content just to obtain another new drop added to Ifrit.

The idea though sounds like what they want to do with legendary weapons. In the sense that the weapons model will transform if the stats fit the required stats for the legendary status lol.