The old epic items (pre U14) that require a heroic base item, a scroll, shard, and seal to upgrade are mostly a joke at this point in the game. Not only are they underwhelming, they are a LOT harder to get than almost anything else in the game. They'd be even harder if players weren't so willing to give up shards or seals to anyone willing to fill their bags with the ****.
I propose the following overhaul:
1. Maintain the 4 piece upgrade requirement. Perhaps even include it for some items in newer content.
2. Update the old stuff with new MLs corresponding to that of the quest they come from. eg. Epic Antique Great Axe would remain ML20, where as Epic Bracers of the Claw would be ML 21, and Epic Torc would be ML22. (The Epic quests they are from are those levels.)
3. Overhaul the old stuff so that it is worthy of named items of their new MLs--maybe even a bump since they're so scarce.
4. Allow players to use the stone of change to change their old epics for the new.