To me it sounds like you were doing epgp wrong if you felt it would be impossible for new players to "catch up".
As for whether you reset or not that was your guildleaderships choice.
Personally I would have kept EPGP the same IF and its a BIG IF, you had epgp setup correctly in the first place to cover all bases from longstanding members to new trailists so that everyone feels inclusive within the rules structure you set out.
When I used to run my guild before I quit WoW I set out our EPGP to be fair to all. The minimum EP threshold was set to a level where new trialists would have to attend several full raids before they were eligible pointswise to have their priority counted with the other longstanding members. This didnt stop them getting loot on our runs at all they just got items if no one else wanted them first. Additionally new trialists were told within the rules that they automatically had last priorty on dropped loot while they were under trial (in almost all cases this was a moot point as they generally completed their trial by the time they accrued enough EP to go above MinEP). MinimumGP and Decay% were set high enough to discourage EP hoarding and encourage members to grab upgrades when they were offered by boss drops. This of course did not stop some members saving a while for that one tier token drop they desperately wanted but in general most were happy to get upgrades as they came.
As for the point of giving current raiders 1-2 free epics before anyone else thats going to totally put off any new recruits and seems to be very poorly thought through.