I don't know how much R.A. Salvatore books are used in pathfinder lore (if at all), but I remember in one of the Icewind Dale books that Bruenor crafted a magic infused weapon Eagis-Fang with some diamond dust, a scroll and some other -probably very rare- components. Also it seems that the time in the moon cycle and some other things were very important.
Perhaps this is how the crafting of rare magical items should be, each rare magical item has it's own unique steps you need to perform and materials you need to gather.
For example lets say the legendary bow Sun Flayer (made up name) which is extra effective against creatures of the night due to it's infused pure light/holiness, requires the following steps to be created:
- A one year old willow (need wood lore) where the bow staff will be carved from, needs to be cut down on the dawn of the longest day of the year.
- The string needs to be made from the leg muscle of an ancient silver dragon, needs to be procured by either killing it in single honorable combat (impossible?), or willingly given when the dragon is passing on, by having done an act of extreme valor. It needs to be cured by oiling it with blessed ointment from a paladin/clerical order, and left to soak in for 3 moon cycles.
- The handle grip is made from a pristine piece of hide from a magical beast that prefers light over darkness.
Also to find out how to make this items you need to run across several pieces of information that are randomly found (never found in the same place), some of which are from ancient books in the game, others from tables you find in ancient ruins, or from bardic songs of legend, ...
You get the picture, very hard to get and takes a long time frame to create them. Perhaps this way we too will get that amazing sense of pride in the fact that we were able to create something unique, something only a couple people will ever get. Something that may feel like a life's work (while not actually taking up a life time of course). The odds that one player can make one item is very small, the odds that one player can make two items is near impossible.
I realize this is very idealistic and maybe a lot of people will not support this view, let alone the fact it is probably extremely hard to implement this with enough rare magical items and with each it's unique steps and materials. I just think this would be the crafting pinnacle of an MMO.