I'd suggest that this item's drop rate should be booster to 100%. Considering this is an early game item, and I highly doubt it ends up better than any later on ring, it would be nice if it were much more accessible to newer players. And on top of it, it needs enchanting and reseting which can fail. The current drop rate is 36.33% from the MVP in Friday instance, which can only be ran once a week. Meaning about 1/3 chance (or about that) to get it per week. And that is assuming that new players are strong enough to deal with the mvp to start with.
With the current conditions, I do believe that by the time most new players get that item, they will already have outgrown it, or nearly.