Has the Guild Store really been reorganized yet?

That makes no sense at all. People can buy the gear for conversion at any time. If they didn't sell relic mats directly AT ALL that would actually be an improvement. You would be equally certain of being able to get hold of extra relic mats in a pinch -- just by buying the appropriate gear. And since that gear is already available, the market is equally "flooded" whether the buy-direct option is present or not.