The Reward Track honestly in the grand scheme of things offers very little and is far more of a way that you can boost a Single Character quickly when it first goes Live. If said 1 Character doesn't need X, then it can be passed along but really unless you split what will be offered among several Characters there will never be a way for the Reward Track to be a saving grace and key element of the New Legendary Item System going forward.
In fact, it likely will offer SSG a bigger boost in terms of ridding all the excess Heritage Runes that are sat waiting to be used, having the Fate of Gundabad Expansion Quests being IXP right into the Reward Track instead of Heritage Runes being Rewards (bringing down the available Heritage Runes any Character can get by a decent amount) and moving SSG towards the path they are seeming to intend where Post-Reward Track Season One will be heading towards folks having to play the Game and finish Quests to Level the Reward Track.
Which I will note, nothing wrong with that but there should be an extra way that is kept under control that also always to Level the Reward Track that doesn't require Questing.
The Reward Track also isn't ready for how it helps any Account on a Single Server as much as how it's UI, Design, etc is.
Which doesn't seem like it'll be changing.
Compared to many Games using a Battle Pass (which the Reward Track is) those Games usually are more about a Singular Focus, where the Player isn't splitting Key Resources possibly amongst more than 1 overall need.
Many Games with a Battle Pass usually offering Cosmetic Rewards, Titles, Banners, Specials (Rocket League offering different ways when you score a Goal for an animation to be played) as something that has no real impact on the Core Gameplay but just the Personal Visuals the Player can use.
Where as with LOTRO this isn't the case. It's not an MMORPG let alone a Game where playing a Singular Character gives the most benefit & is the focus of the Game's Design. LOTRO gives an individual Account far more Short & Long Term Benefits when they actively play multiple Characters compared to a Singular Character. LOTRO even somewhat pushes an individual Account, although not outright forcing said Account, to want to have more Characters and that is by Game Design.
Which is where the Legendary Item Reward Track will always come up short if it's current Concept is what we'll one day have going Live.