Depends on how you do it. In all honesty, it's hard because the gold sellers will use tons of free accounts which could make their job harder. But story and game play wise, FFXIV would benefit from having a free option up to level 20 and the Titan fight.

I also wouldn't mind a little cash shop that sold different armors or something once in a while. But that's me. I know most people hate the idea of paying for a sub, let alone the possibility of spending more on top of it. But that is the reality. SE is leaving money on the table because they don't have a cash shop.

But what game really is Pay to win? Why even mention it? That's always a fear that never manifests in Western MMO's.