Using low level armor set bonuses in this fashion with macros meets my definition of exploit. Apparantly, however, it does not meet the dev's definition, according to an earlier post in this thread. And therein lies much of the problem with this game. The devs' constantly pandering to this small group of players who consider themselves "elite," but whose primary attribute is excluding players from their Kin for not being "elite" enuf. Another example of how LOTRO panders to this crowd is constantly making the new instances harder a few weeks after launch (after the "elites" have gotten their gear the easy way) to preclude non elite players from getting the same gear. This has happened with every single "expansion" and update that launched new instances. An example at 75 was the three man Dargnakh instance where they made the second boss have unlimited power because the instance was too "easy." After this the instance became unplayable (except perhaps for those players using macro swapped armor sets). Following this pattern, I expect the drop rate for symbols in BG will be nerfed within the next week or so (or BG made harder to complete) to prevent the non "elite" players from getting second age weapons at the same rate.
Most people do not know how to use macros, or do not want to. Allowing players to do this is akin to having a double set of loot tables with the dev's favored players getting extra, unearned, loot. That is not fair to the casual player, and its a disincentive to play this game.