From a business sense your proposal doesn't work. Even among honest players only a small percentage can actually achieve the Legend or Tour Legend tier. No business is going to stay in business by telling their their customers they will never be allowed to buy the products they are selling.
That level 50 Master doesn't have to go against a level 103 Pro with the best gear. He/she chooses to.
In real life anyone of any skill level can buy the best equipment in the world. Plunk down the money and it's yours. In real life, though, a Hack is not going to get those fancy clubs to perform like a PGA professional.
Where WGT misses the mark is in not restricting how that good equipment performs in the hands of the lesser-tiered players. Starter equipment should perform at 100% of specs at the beginning tiers. Top notch equipment should perform at 100% in the hands of Legends and Tour Legends but distance and precision should be reduced on that club an arbitrary amount, say 2-5%, per tier below that. Game improvement clubs could reach 100% at Pro or Tour Pro and drop the 2-5% per tier below them.
Adjust the performance to the skill level of the tier, not the availability. Leave the restrictions based on level (the current system) to promote quantity of play.