I'd go for it.
A premium sub option to pay for it, say $25. For PVE: No LFR, No hardmodes, 1 difficulty level, Sunwell level challenge. For PvP: Rated pvp has a set ilvl automatically applied; Gear given is the same ilvl as PVE for World PVP.
For Both: Balancing patch every 4 weeks. No pussy ass "cant handle change" excuses. 1 patch a month on Premium, 1 every 3 months on Reg, which will also improve regular by weeding out bad changes.