The Master Quest Cape should have high requirements, there's no doubt about it. 117 Dungeoneering is rather extreme though, as was many of the other requirements before Mod Manti revised them. There's also all those RNG lore journal drops. After all these revisions the cape have become more of what I would like to call a "Master Lore Cape" than a Master Quest Cape. All fine with me though, as I am a comped lorehound myself, but I do imagine (and know as well) that many lower leveled lorehounds doesn't like all the further high leveled content requirements that for example includes GWD bossing at all. Still though the general lore and questing community seems to be much happier with these revised requirements and guidelines. Especially the removal of Livid Farm. And I can agree fully with that change, Livid Farm makes sense for Comp, but not for this cape. It really isn't very well related to the lore and quest activities as such. Not to mention that its design and repetitivness is very far from a "quest atmosphere" in lack of better words.
No matter what though, Mod Manti certainly hasn't taken on an easy task. The lore and questing community of this game is in many ways rather split, and there's going to be a rather large minority who won't be happy with the finalised requirements for the Master
Lore Quest Cape no matter what happens. I am myself however very pleased with its current development.