Let's say you are level 100, with some tier 1 traceries on your Legendary Items. Those tier 1 traceries in those tracery slots will be red, which means you are unable to advance that tracery slot. Keep that tracery in that slot, because it will still apply bonuses to your skills. When you are able to replace that legendary or incomparable tracery with a higher-tier tracery of legendary/incomparable quality, then do so. Until then, keep it.