The alternate way is to rebuild the system to attempt to solve it permanently. My only issue is that I don't know of a system that solves it permanently while still being within Blizzard design goals. You can remove enchants and gems from the equation, while still keeping crafting bonuses (instead of JC-only gems, they get an ability called "Rhinestoning" that gives them the craft prof stat buff on their chest, e.g.), but that doesn't solve the issue, just pushes it further out.
The problem is endgame. Each tier of endgame increases non-linearly, and no matter what you do to squish it, the next xpac starts at a higher level than the previous one ended (maybe not compared to heroic final tier gear, but definitely compared to the leveling gear).
Maybe the solution is tying tiers to levels? So if you were redoing MoP this way:
5.0 max level is 86
5.1 max level is 87
5.2 max level is 88
5.3 max level is 89
5.4/final tier max level is 90
Ignoring that you'd completely have to rework leveling, what this means is that with each tier that comes out, your dps/heals/whatever will drop automatically once you level up (because each % of a stat would require a higher stat number). You'd have to rig it some way so that you'll always improve over the previous level in terms of final dps, but it allows you to let ilvl increase exponentially without a commensurate increase in numbers.
Whether such a change would be accepted by the community I can not say.
As for old content, people were soloing Molten Core in Wrath. As I said back when this first came up, with the exception of fights where you can't beat an enrage timer anymore, an item squish only prevents you from facerolling old content; it doesn't necessarily prevent you from soloing it by using skill, time, and patience.