Shiny is good. Shiny is like.
I looked over the general process (haven't actually done it) and I like how at least the first two stages we're not just sitting around waiting for timed nodes. I absolutely hate timed nodes.
I'm however in the camp that the reward could be better.
Maybe the crafted HQ could have a tool+3pc or tool+4pc set bonus, to make it always the better choice with quad/penta-melding, but without the gear parts to activate the bonus the relic becomes better than a penta-melded crafted HQ tool (when comparing only the tool). This should make the relic the go-to for casual players, and the penta-melded crafted set the ultimate end-game gear. Maybe even make the crafted tool untradable to give it that end-game prestige.
But shiny is good. Yeah. Shiny is nice.