I'd be aware of the legality of the system, since it vaguely falls under the laws regarding pyramid schemes in some countries (you recruit someone into the system and you recieve a reward that the other person doesn't get unless they recruit someone, more so since some of the things you can earn have considerable value).
I don't think veteran rewards should be in there, I feel this could actually cause damage to the retention of some players and hurt subscriber numbers, this depends on how expensive the veteran rewards are in some respects, but it should probably be avoided IMHO.
I'd also leave out LTS rewards as well, although I understand the logic of someone who brings $300 of revenue to the game should be rewarded with values of that, by giving a person the rewards from an LTS, you may well actually damage the sale of LTS's, but also you may also drive away customers who feel that thier uniqueness is been given away. I'll admit even after all this time I'm stil bitter about all the pre-order items been put in the C-store (more so since I brought multiple copies of the game when they were at full markup value to get them!).
I do like the idea of the Lockbox ships been in the system though and I'd be very interested to see what value they gave them if they did add them, since that would give an idea of how much money Cryptic seems them actually been worth :-)