The "better shit" is the wrong way to do F2P. Those are the games that give F2P it's horrible reputation.
The fact that you make enough money to pay 20+ subs a month is irrelevant. If you can easily afford to pay what it costs to play the game, then you can even more easily afford to blow some cash on whatever you please, should that sub money be freed up. I feel like you are trying to brag that you make loads of cash. A smart way for SE to do F2P, especially because they are sitting on one of the most influential IPs outside of Nintendo's big hitters, is vanity micro-transactions. The smart way to do it, is to only sell things that the players want to buy, so long as it does not affect gameplay.
If I am saving my 10 dollar legacy sub every month, I am more inclined to drop 5 bucks on a "barber" to redo my hair and what-not because I feel like a change of pace. I am also much happier to buy expansion packs because I haven't already dropped enough money to buy 5 of them in one year. I hear that they are thinking of implementing a dying system for gear. Its cool if your standard grade-school crayola box covers all the free colors, and a small fee lets you use the much more versatile 256 color gamut. Etc.
Updates and GM support are not exclusive to subscription based systems. LoL gets updates Bi-Monthly at worst. Minecraft got fairly regular updates (I haven't played in a while) and was also very customer friendly and supportive. I have several games on steam that update often that I don't pay for on a monthly basis.
Look, I'm not paid to design a free-to-play system for XIV. The best I will do is throw out a few examples that prove the system works if handled correctly. I am also not saying that XIV SHOULD go F2P. I am saying that if it does, and if it is handled well, it is not a bad thing. I do think that paying a sub AND having to pay for expansions AND (at least right now) paying for more than one character slot, is all unnecessary and dated.