I used to play the system in Aion with that, get a bad stone while disenchanting, claim you did it on accident/while drunk, try again after they refund. I made upwards of 150mil kinah in this way, gambling on eternal grade gear right after eternal was introduced.

I can see why they want to limit it strictly, but you're right that 1 per lifetime is way too restrictive. 3 chances seems fair here.