Anyways, let's take a look at the Limited Job system in a positive light. When I think of it, a system that ultimately is designed to keep a job out of higher content because it is impossible to balance and still keep enjoyable but provides a very unique and empowering solo experience, the one Limited Job should be... Onion Knight. It being so overpoweredly broken it shouldn't be allowed near endgame is basically its tradition, anyway.I'll say this flat out, the Limited Job system as applied to most traditional jobs is missed opportunity, not a benefit. I believe only one job should ever be a Limited Job. I do not think the devs have the ability to support more than one limited job, and whether they can support one at all remains to be seen. Developing something like "The Masked Carnival" for every limited job if they add more would absolutely take resources away from other parts of the game for niche content, or be a barebones implementation such that those jobs would have no longevity. We don't need 3 more Lord of Verminions.
A Job that draws from all of the learned abilities you've obtained in other jobs, and lets you equip any combination of 20-40 of them. Add all sorts of weird combo effects to these otherwise separated skills. Have it use a polymorphic weapon that changes forms as needed. There's a chain in there somewhere that'll let you Requiescat into Foul. Maybe casting Fire III into Fire IV with Ifrit-Egi out lets it turn Enkindle into a proper massive Hellfire. If you cast Hellfrog Medium with enough Aethergauge, Bahamut comes and drops a Mega Flare. I dunno man, I'm not the creative type, but it's pretty much endless ridiculousness.
In addition, depending on the quantity of job skills you equip for a certain job, you can unlock traditionally more powerful spells that would not fit into most of FFXIV's content. For example, Death if you have a certain amount of Black Mage spells equipped, or Reflect if you have a certain amount of White Mage skills equipped. Every patch they add more weird combos and hidden spells you unlock with certain job combinations. They get their own solo instance like the Masked Carnival that would have way more variety and puzzles than the Masked Carnival or any other limited job could have just solely based on the sheer number of abilities available, and Devs only need to worry about improving ONE limited job end game experience per patch, rather than a multitude. It could take part in all solo/open-world content and do all sorts of whacky bonkers skills, whatever. Make it go collect the stray aether of other jobs from monsters and locations if it really needs some sort of self-progression.
Lore for the job would just be that the Onion Knight soul crystal is a learning soul crystal. Unlike the others that have knowledge inside of them, Onion Knight is a soul crystal that absorbs aether and knowledge from other soul crystals. The reason it can't take part in group content is because it would absorb the aether from any other soul crystal in the area and possibly seriously wound any other soul crystal user. It'd... you know, make sense from every perspective instead of being an arbitrary limitation.