Those items still can be, for example, automatically sent by mail to every character after buying premium. And after new character creation too. There is always plenty of ways to truly "make the game as much free as possible". Some servers (not java) are successfully using this kind of premium.
And "being playable" is too subjective term to be used as serious argument. PS fanatics would say that "30 fps is playable", while many other players will find it laggy and completely unplayable. Objective truth - even 0 (black screen) fps is playable, one man completed sekiro blindly. Same here. No one would want to be slower than those who using temporary shop-only title. No one would want to receive x2 less drop, and no one would want such ppl without a drop pack to be in their party (for drop-important pve). No one would want be slowed after death and so on. But what is most important of all - no one would want to spend extra cash buying same things for every twink character they playing, even when they are at the same account.
Anyway, I wish GL to this project too. Hope it will stand all of attacks and finally become playable for me.