I agree with BDub. It makes no sense that with a @%$#ty workbench I can make something as good as a factory quality item, despite any perks into it.
My take would be lvl 1-4, craftable. lvl 5 non existent. lvl 6 lootable only.
The lvl 4's would be "good enough", and the lvl 6's would be rare finds that encourage exploration and looting, without requiring some stupid perk, and they would be from "the old world" which is just inherently better than anything made "today", because it has factory precision and better material quality.
...you'd be able to play just fine with lvl 4 gear, but lvl 6 would just excite you and make you work harder not to die, thus encouraging all forms of gameplay.
...
Oh, and being able to repair lvl 6 items would go away as well. They'd last a lot longer, but none of this duct tape to repair BS.