@Rafiqi Okay, this sounds a reasonable concept and I liked the name blessed gear because it makes some gap to traditional soulbound system which can be understood easily wrong. First I want to say that I am not sure if Fractured needs this kind of system especially because we have PvE planet where PvP and full loot is meant to happen seldom. However, I have for long wanted to see (in any game) some kind of part loot system so there would be some variation between zero drops and full loot. I once saw a game where you got loot points but I do not remember what game that was. Anyhow, maybe we could still talk about this hypothetically, because I am interested, but still skeptical.
Now based purely on my personal opinion, I would limit the blessed gear to just one (two at max) gear piece at the time. I would restrict that the blessed gear won't work in Tartaros because I am sure that most of the players who want to play there would hate this system, and this would also make sense that blessings are not working in demons world. I would tie the blessing system for advanced crafting or system where players needs to sacrifice something to applicable God or maybe even some kind of combination of these two processes. I would make this process rare and valueable rather than common and cheap.
And for pros and cons; This kind of gear protective system can promote people to use their best gear also in open world and not just in safe areas or when hanging out in the towns. Furthermore, this can also encourage people to participate more on open world activities when it feel less penalizing if you get killed by other players. However, this also makes the full loot system less interesting and less desirable, and can easily get a negative receiving from a good amount of players.