Wow, a lot of thoughtful discussion on this thread. There seems to be a great balance of considerate attention to balancing history, safety, and aesthetics on this route.
I think I am more or less in the same boat as Mr. Mud... I'm no 5.13 climber, but I've cranked through the 1st pitch of Ranger Bolts (still not quite clean), and stumbled through the 2nd pitch on TR with takes. I don't feel like I've had major rope drag issues on the 1st pitch, but I'm certainly supportive of thoughtful ideas on rebolting the free line that Jim, Kyle, and others mention.
Personally, I don't think the lower anchor should be completely eliminated, as it gives 5.11+ climbers a chance to test themselves on lead even if they can't make it through the top pitch, which has some substantially harder sequences. I'm mixed in my thoughts about changing the location of the lower anchor... At one level I'd welcome it, and at another level I like the fact that the hardest moves on the 1st pitch are right near the anchor, and your really have to earn the free lead. I guess I need to get back on that route and see how it feels again!
At any rate, not much more to add that hasn't already been said, but I definitely like the open discussion!