An alternative free to play approach

We all see the population is lower than we'd like. However, I'm currently not convinced the "endless conquest" will help to bring in / back new player. I was thinking which approach would be more applicable. My idea is a true free to play model which allows the whole game play experience, but with slower progress/ reward. Each player can buy monthly modules to "regain" normal progress in different game aspects (PvP, PvE, Event access, Money gain/spending, QoL advantages via the Mithril system). The classical subscription would still exist and provide a huge discount compared to buying the modules all one by one

Free to play (penalty modules)
1) XP gain and cap exp is at 40%, no rest exp, no free levels, crafting success and speed at 50%
2) RP gain at 40%, no RP buffs (buggane, solo town buff)
3) Money and BP gain at 40%, no extra BP with PvP buffs (buggane, solo town), no access to gold NPC *, no access to traveling merchants
4) No Mithril for race, gender, size or item customization

*give BP NPC also the option to buy items with gold (still not trade able)

Now if you subscribe (8-9$) you have module 1-4 included, gaining a moderate amount of mithril per month (enough to pattern 2 items per month or do 1 character change every 2 month)
Otherwise you can buy each module separately
1 for 3$
2 for 5$
3 for 3$
4 for 2$

This would actually bring back some players, cause they can play their old toons for free. And one or the other would probably buy the RP package and from time to time activate the Money module (so you gain access to the merchants). New player might then after a short time subscribe or buy the exp module to improve their progress. This all can be much more defined but it's an idea I wanted to throw out!
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