Honestly, i prefer the "token" system for crafting items as it lets you set up an adventure. Want some healing potions? Then you need to get some unicorn tears. Want a potion of charisma? Water from a lake or pond that a nymph is currently bathing in. The tokens can be used as the base of an item and maybe cut the time down, the cost or need for certain spells depending on the tokens.

I would have to look over it some more, but all in all, I don't think meeting the DCs is the biggest issue with crafting magic items, it's how long it takes. Your change does address that, but then again, crafting in the hands of the players (at least as far as I'm aware) was never meant to be efficient, because if it's efficient than it's a source of income that's outside of the GM's control.

As a house-rule for improving magic items, though, it looks pretty good.

The PC's gold levels are still within the GM's control with these custom rules. Just because the characters can blow their gold on making a lot of items quickly doesn't mean there are buyers for everything they make.