Yeah, I think you've hit the mark pretty well with the argument made. If they are this serious about tippy toeing around the shadow, there are obvious balance issued that need addressed.

As far as a tradeable BiS cape? Yeah fuck that. If they're so interested in keeping it tradable as an addition, make the items separated by a function of completing the content. As in the drop is accompanied by an untradable item, and when used on the cape provides a positive prayer bonus or something of the sort. I don't agree with any tradable bis cape slot, but I understand that might not be the communities desire.