Ugh, that again. Guild wars 2 has an entry cost, it's a terrible example. You're asking Aeria to endanger their income in the hope that it will attract new players (which also means advertising in most cases, meaning more expenditure). It's not a wager a company will take blindly. Give me examples of free2play games that stay afloat with a playerbase similar to that of S4 and a cosmetic only business model and I will actually take you seriously.
That's why S4 needs a reboot. Take the game down for some time and rebuild it from the ground-up while fixing everything wrong with the game, then re-launch it.