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If I understood your suggestion correctly, you have a theoretical ceiling to the power lvl achievable in the game, but it takes a long way and luck to get there. So in the long run the lucky people will get to the top and will forever stay there.
My suggestion makes that progress harder and longer just by the fact that you'd have to double grind each step of OE if you wanted to mitigate risks. And if you set the ceiling high enough and required resources rare enough, there might be one or two people that are even able to get there if they're lucky enough.
And each OE step has the potential to remove a powerful weapon from the whole server, equalizing overall power lvls among the players. While a 0-risk system doesn't do that and only keeps raising the power lvl, while keeping most of that power in the hands of the top 1% of players w/o a chance to remove it. In time a 0-risk system will create such a big divide between people at the top and all the other people, that there'll be more people leaving due to constantly losing in pvp than there would've been leaving due to breaking their strong weapons (which, as I keep saying, would've already been singular people at the top of progress).
But I understand that our point of view on this system is too different, so it's pointless to keep budding our heads over it. Some time ago I suggested a 0-rng enchanting system that still kept the high price, that I think is required when it comes to OEing, so if you're interested in that,
here it is
.