Is it still whiteknighting if I'm a S1 top 100 and would like to keep the masses out of the S1 top 100 cool kids club? Is there a selfish aspect to my wish to keep the existing system? Sure, I don't think anyone who didn't place in the top 100 S1 should get a golden wolf head, because that's a marker of my accomplishment. If they shared the same accomplishment, they would be the cool kids club, but the system you suggest takes away this exclusivity.
If I'm bothered by anything in the game, it's that the vertical progression and constant dumbing down of content takes away the "awe" factor in people's accomplishments. I don't know about you, but I came from FFXI where a lot of items were truly rare, and having them meant something. I don't agree with everyone having everything, or even really leaning in that direction. Especially given that Feast is the ONLY place in the game where you have "permanently missable rewards". I would say they're "permanently awesome", who else can say they share my accomplishment? Oh, about 100 people on my data center, of which there's only like 10 on my server. That's really cool.