Maybe if you had the option to AH AF2 instead of wearing it, that would be true. As is, it's just not worth it to wear something instead of selling it, and if it's not worth selling then it probably isn't worth making.
The other solution would be if philo mats were not sellable. That would at least create value at the iLV70 gear phase, instead of creating value at the philo mat phase.
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