I've recently changed my vote from "No" to "Yes". I'm not completely happy with it, but even in its current state, I think the proposal will do more good than harm. Still, I think there may be better methods to do this. Below are my feedbacks.
First, the good parts of the proposal.
The proposed change is, in a sense, comparable to a permanent 2x experience boost during VH and early Ultimate. If most people are only able to stand the grind during 2x boosts, this will be good for them, as they are no longer "forced" to level grind only when MSR boosts are active.
The removal of experience boost from the upcoming MSR change is a good change in my opinion. I've always felt the MSR experience boost is too good compared to the two other boosts, DAR and RER. The boosts halves the level grind, while the item hunt length is only reduced by a portion. Due to the MSR, I've personally felt that levels comes by too easily once you've passed the initial hurdle of VH and early Ultimate.
The change also reduces the part of the grind that is less enjoyable for most, and is fairly inline with the previous boosts from MSR.
Another proposal that has been proposed earlier in this thread is to reduce the level for Ultimate to 70. I think this is not a bad idea, as it does not have the main problem I have with the current proposal (see below). The only downside is that when you're at level 70, you're rather weak for Ultimate, and having people carrying you around might or might not be enjoyable for both the low leveled player and the high leveled player, whereas in the proposal, you end up higher leveled in the same amount of time. Generally, the nicer players don't mind carrying low levels, and they just need to make sure the low level players know that as well, so it's still worth considering in my opinion.
Now, the criticism.
The main problem I have with this change is it's not optional, and it's an especially unfriendly change for purists. So far, we have one particular kind of change that is particularly detrimental for purist play throughs: dropchart change. Maybe one would argue that just from this they should give up on purist play throughs on Ephinea. But perhaps they still wish to play here for the DMC fix and the multiplayer aspect, and perhaps they find the chart to be something that can be lived with. (Someone who used to play on Sega servers told me that Sega have made some rather ridiculous dropcharts changes before, so overall they might think the current drop chart is actually acceptable.) This proposal is a very serious change for them, as it directly undermines the legitimacy of their play throughs in my opinion.
Second, if one looks into why VH is disproportionately long, it's because there are no "rewards" in VH. Normal is very short, and Hard is kind of short as well. Ultimate is very, very long. With this in mind it is not farfetched for VH to be longer than Normal or Hard. People do not "respect" VH at all, they never consider it more than the grind before Ultimate, and I believe that's because there are no "worthwhile" rewards in VH. I admit another reason is that VH is also too easy when you're almighty with Ultimate gear.
Imagine if we have a lot more players around, such that it is always possible to find VH parties. I personally think that is sufficient to make VH enjoyable. Many players could probably attest that, when Ephinea is just starting out and no one have gears, getting through VH with VH gear in a party is actually really fun. Unfortunately we do not have that many players, and not much in VH is actually desirable for a player in Ultimate.
If there's a way to make VH fun and rewarding, I think I would prefer that method.
P.S. In case you were wondering about that Sega drop chart: Heaven Striker dropped from Pyro Goran on every single ID on Ultimate.