Definitely. I had an idea based off an akin system via a crystal library / forge. Where you could transmute content from a space into materia (of the given space) and then use it to purchase the glamour catalog, then further items, and also perhaps relates to crafts or relics.
For example you earn 7 axes, 3 staves, and 4 books from ifrit and turn them into ifrit materia (14), the content has 10 weapons (no I am not trying to count out all the jobs, just give a rough example). By spending the 14 materia you unlock ALL the glamour form that content, they take up no slots- they're just unlocked. Now that you unlocked them you can now also spend 2 materia to purchase the weapon of your choice (meaning you could get 2 staves and come out with 1 katana). Transmuting can be done to bound and non-bound weapons, so you can use the weapon and once you no longer need it for stats on your main you can also transmute it (to meet the unlock demand or to use it in purchasing another weapon).
These materia can also be traded for GC seals, sold to npc, crafted (as mentioned), and desynthized - allowing you to save space in your inventory if you're doing long farms.
The benefit of a system being 1 variable (yes / no) stores an entire content, so like a raid, or a dungeon with 20+ unique items is now 1 yes / no. Which given the apparent memory issues FFXIV has, might be a function compromise that also allows players in built safety nets to pretty much all content.
Of course a proper log would be nice though... One that tells you where it comes from, and if you have that specific item. The bonus here in this system though is if you're unlucky and can never seem to get that 'whm chest piece' to drop, it doesn't actually matter.. you just need content. Can adjust the ratio, unlock phase, and use HQ / LQ to add greater power (like a weapon might give HQ, and the content needs X LQ and Y HQ materia).
Just wanting to say I don't agree with the idea that it will compel people to collect stuff any worse than achievements compel people, and if that's bad then SE should consider making their achievements more friendly. As I see some achievements that are pretty crazy. I respect the concern if it's from Cash Shop or something FOMO-ish... but I feel the list of items that meet that are like.. what.. sub 200? We could voluntarily make that list for SE lol. It would be boring work sure, but that is a totally do-able list to make and then easily maintained once the foresight of needing to maintain the list is known (so these do not show up in the log unless you already have them).
It's a pitty they ditched the item log idea a long time ago, they originally said they were working on an item log with lore on them too (this was a request by myself and some others)... that would have been insanely cool glamour log but unfortunately was determined too much effort / not-practical for the server (I definitely believe it would be a lot of work, given each item needing to have localization.... and the system itself is hard as it even took Blizzard multiple years of dedicated resources.. but damn that would have been cool).