I've seen this done in a lot of MMO's to great effect.
WoW, Star Wars, DCUO, even Destiny (I know it's not a true MMO).
I'd like to hear your thoughts. Would it be beneficial to replace Vet Ranks and Vet Rank Gear with a combat rating system?
Basically gear becomes dropped in 'tiers' from various dungeons each with their own combat rating. The higher the combat rating the better the stats on the gear.
Dungeons would have recommended and minimum combat ratings to access.
As far as crafting goes, maybe dungeons drop items that allow to craft gear at specific tiers with specific combat ratings.