Unless it's causing issues with data or computations (like the pre-squish stats were actually hitting the limit of what the system could comprehend) then I think a level squish would create too much confusion for minimal gain. An ilevel squish is somewhat more likely – perhaps to flatten down the layers of gear at each endgame level.

I don't think there's any need to offer skips on a new character when you get so much EXP from quests, but armoury bonus for second jobs could be higher, especially below level 50 where the longer it takes you to level up, the more times you have to drag everyone back down to your level in roulettes.