I can see the logic behind the Wholesaler Nerf, but I'm not so sure this is a good idea for the game as a whole in the long run.
A game like this survives on its players. For it to continue to survive, it will need to have more new players coming in than leave. I'm not really concerned about causing an exodus, that's going to be maybe the 5% of the most dramatic and vocal of players, and quite bluntly... good riddance.
The problem here is that it cripples your new player retention, which could very well sink this game long-term. This, combined with the Tournaments For Fellowships Only, means you either join a FS, or you quickly hit the diminishing returns point without any enjoyment, and you leave. Maybe a couple weeks tops.
If the game is intended and centered around Fellowships, there *NEEDS* to be improved tools to help find active FS (see my post in the suggestions forum), and there needs to be improved tools for FS to find active but new players.
I am currently in an amazing Fellowship, but I only got in because I already knew someone in the guild, and I had bonus resources they were lacking. The odds of a newbie finding an active FS and being able to join it are pretty lousy. And without a FS... there's no real incentive to keep playing.
tl;dr version: If you want players to get into fellowships as the 'intended strategy', then help newbies get into them.