Inspired by the post Marksmen (sadly graveyarded after first response) http://forums.spiralknights.com/en/node/105923

The basis for my idea is a bit like his but heavily tweaked. His idea wouldn't work because it would lose SK money since it allowed people to change weapons to another so that any useless UVs would be more useful. (less low star orbs sold and less UV rolls)

Mine works on the principle that the item would stay the same power (DPS or total defense) as 5star but something about it would change mechanics or some other stats.
You would still be forced to obtain a certain 5 star item (and Basil recipe) before alchemizing.

The only real examples I can think of is a Parallel alchemization of the FOV (and perhaps some other 5 star boss rewards)
Changing it into a Cutter style weapon (still slower than standard but with fire chance on every hit), of course as a selling point it would keep the old charge attack.

Ancient plate items (helm,armor,shield) could be Parallel alchemized into a Normal/Shadow Plate set with freeze/stun and MSD Med on each armor piece but no ASD. (this would provide full type coverage for the plate armors as well as a great Apocrean farming shield)

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These are currently the only items I can think of. For all the other items (boss or not) it would be more profitable to force the players to craft each of them up to 5 star from the 2 or 3 star form (since this would make them have to buy more orbs).