Implementation of ITEM skins??

A friend and I thought of the idea of micro transactions for in game items, sort of like skins for items. In particular, items that have unique graphical effects (i.e. Runaan's Hurricane, Hextech Protobelt-01, maybe even Banner of Command) could have skins over it, maybe like an elemental sort of deal to start (fire/water/earth/air) and would change the graphics of it in-game. The item icon in-game itself would remain untouched (as it would greatly affect visibility in my opinion) but maybe some sort of glow outline (red = fire, blue = water, etc.) would indicate which skin is being active at the time. The sound change would be secondary, as some people are conditioned to react to some sounds (weird, but it's true for some), so that would be a lower priority if anything.

I know for a fact a couple of my friends would be very interested in spicing up more than just champions, and would be a pretty cool implementation to the game. Maybe it'll also bring back dead items (i.e. ohmwrecker) back to the game if it's cool enough to use 8). Just a little suggestion that might get some exposure by the League community (not a huge reddit poster so I'm going to avoid that for the time being). Would be cool to see what you guys think of the idea.

Cheers, Deputy