Improve the blacksmithing system (weapons and armor)

It would be fantastic and add a better dynamic to the game if a system were implemented where we could upgrade weapons through smithing. For example, if I have a weapon I've really liked since the early stages of the game, I could obtain special materials (which could also be obtained by recycling other weapons, for instance) that would allow me to upgrade my weapon's rarity (for example, going from "epic" to "legendary"), also increasing its maximum level capacity. All of this would be done at a workbench or with the blacksmith, and of course, it would apply to armor, rings, wands, and all other equipment.