Cool idea except where you made it 2 weeks.
I would say keep it weekly and then let people check a box that only lets vault drop 1 specific item (gloves / trinkets / rings / neck / 2h weapon / 1h + shields / 1h + offhand / 1h + 1h / etc.)
It doesn’t let you pick exactly the piece of gear you want, it just lets you target specific slots. Kinda like how they do it with Helltide chests in D4.