Oh yeh im not posting as "Fact" I just highly doubt it would be anything other than leve reward. I just depends how evil SE are, but how I see it:
For example if you need a 300 faction (they might even bring out the 400 points ones), 300 points is hard to get can take 2-3 Weeks, so 2-3 weeks of work, to get the faction only to have a friend get the token to trade in? Seems rather unfair, in-fact very unfair.
They've always said they want crafting to be very important so for those loot items I think will be materials, which will be obviously tradable, so its buyable. Plus its the crafted item you want.
So I believe the faction reward will have the token attached to it, it just seems the more suitable way to do this, that means the people who use their factions, get their rewards, without any fuss. And its not like they can spam factions so it'll still be time consuming to get a full set and even more time consuming to get multiple sets, which works nicely for SE.
If they do make it so these tokens drop from NM's and its random loot then, that just screws everyone over, you will have to do factions with only those you trust.
I think open-world NMs when they come will bring with them either:
1. a global loot.
or
2. material drops only.