No, the system as it works right now is fine. Don't fix what isn't broken.
Also, no - not any removal. Making those mounts 1% adds incentive to both more casual players doing that content 2 expansions down the line and those who are doing current content in that they will have to keep playing at a sufficient level to continue having bragging awards.
None of that "I once participated in a heroic raid tier and now I can sit on my unobtainable mount forever look at how hardcore I am." bullshit, which some people, mindbogglingly, do not consider casual.