MMO economies have existed for years without this hassle. There are different methods to rate cap harvesting. Randomizing locations, slower spawn time, gathering failures on RNG etc... Multi-leveled gathering eq for gate-keeping is fine, but making the same damn tool 20 times isn't respectful of my time.
I just picked up CF today. Initial impression is that picking up farmed mats is annoying and lends nothing to the experience IMO. Having breakable harvesting tools is also quite annoying.