I figure a "normal person" has no chance and that rep will remain across Iron Banner seasons.

Is it even possible to obtain this assuming you've completed every bounty before the 14th ... Not to mention the fact that every single day has included at least one bounty that requires the rank 2 class item.

Because that seems like a disproportionately high effort barrier for mediocre rewards on par with every other non-raid legendary.

I don't think I missed a whole lot of the daily bounties but couldn't quite make it to rank 2 (or was it 3?) to get the rank class item that was requested for 2 bounties a day, multiple days. I've also been wondering what happened to the 8 Bounty tokens that I had when the event ended. If they choose to do that event again will they re-surface or are they lost to The Architects?

I'll definitely get to Rank 2, but I doubt I'll get to Rank 3. I'd like to, but it's probably not gonna happen. Unless getting the Class Item works the same way for IB as it does Factions.

I checked Saladin on my Titan alt with 0 Iron Banner reputation and he offered both legendary gloves and chest, as well as the machine gun.

On my warlock who is nearly rank 2, he offers only the gloves and the machine gun.

Not that it's even possible to earn rank 3, but this is dumb.

It is possible to hit rank 3. Equip the IB banner, shader and class armor (when you get it) for additional rep for turn ins and wins in PvP. I am 573 short of hitting 3. 33 points per win.