What about being able to exchange champions and skins for essence?
I.e. if you have a champion or a skin unlocked but you don't want it, you have the option to refund it for a small amount of blue or orange essence, the same way you can disenchant champion- and skin-shards.
This would give players the option to manage their stock of champs and skins on their own without having to waste extremely limited refunds, and since essence is cheap and easy to come by, Riot wouldn't lose much revenue for giving it out in exchange. (You can purchase blue essence indirectly with IP via Random Champion Shards, so at the very least they could afford to allow champion refunds this way).
For example, if Riot gives away a skin/champion but someone wants to get rid of it (remember those Riot Kayle gift complaints a while ago?) they don't have to write up a support ticket to have the champion removed, and instead remove it on their own, and cash it in for a small amount of essence which might be used later.
Part of the Hextech crafting system involves rerolling, and for me, I've always been hesitant to use this feature because it gives you a random permanent champion or skin, and I don't know how I feel about having random skins that I'll never use or champions I don't want to play messing up my pool for ARAM and AR URF. I would feel a lot better about using this feature if I knew I could undo its effects.
This thread probably won't get much attention, but if you happened upon it and read it, let me know what you think!