How about this?
Have all gear and content progression stop at level 50. So there will be no such thing as VR5 gear and trials would be open to level 50 players instead of VR10.
You can get as many VR ranks as you want. VR rank progression rate is the same as 49-50. Each VR rank grants you an extra skill point, which will be capped at some amount to stop people hoarding points for updates.
Doing VR dungeons will net you a number of Veteran Seals on the first complete of the day for each dungeon. Seals can be used to purchase things like level 50 epic weapons and gear with their unique skins, upgrade materials, rare runes, unique mounts, and other good stuff.
Sound better than the current system?