Don't see a need for this. Elytras are virtually useless when the anticheat literally is rubberbanding you every time you use a rocket, and as well as the fact that no stacked players use them, they'd be more willing to sell to newer players I'm sure. As for the Nether, there is plenty of netherite armor around that has been circulating in and out of AH.
Instead of resetting existing parts of the game, why not add new aspects to the game to make it fun again? Feel like this is a bit of a no-brainer.