I don't really like the idea of removing the faction aspect all together, and rewriting the lore for it. The lore to me is a neat story and to ruin it because of some que times is a little bit unnecessary of a huge change.
I think that instead, the pvp ranks shouldn't have to be so hard to re-gain altogether upon switching grand companies. I think something to fix that would be a better incentive to make people want to change to Adder <3
Though I won't complain about a GC in need bonus. Being that it's almost always Adder, I would love it and PVP all the time (even more than I already do) to reap the very overwhelming benefits <3