I would be completely for a full Advanced Class Respec, under the following conditions:
The player is stripped of all their gear that is meant for the class they are switching from, if the gear is bound. If the gear is of a armor level (Light, Medium, Heavy) that the new Advanced Class will never be able to wear, it should be removed from the character, if the gear is bound. The players companion gear will go under the same stripping as the actual players gear. The player is set to level 1 and transported to the starting planet of the new Advanced Class they have chosen.