Never been a fan of adjusted stats, they're a solution searching for a problem.
If you want to compare seasons across eras you're better off comparing against #2/#5/#10 in the league in the respective seasons (and to a lesser extent who those players were).
For example, '28 Morenz was 31% above #2 in points while '86 Gretzky was 52% above #2
Seem to me the only way to adjust is with something you suggest. (But I feel that adjusting stats when we compare to peers)
But number 2 vary yearly way to much to be used
In 96 second place was jagr 149pts, 1989 it was prime Gretzky putting 168 pts.
The compare to number 2 would give 1989 155pts Yzerman peak season a .92 score, Elias scoring 81 pts in 2004, finisihing 6th in scoring score .93, it could be a worst method than HR adjusted pts.
Comparing to number 2-5 and 10, sound already much better, at least if you look in very similar seasons, but 10th place in 1954 vs Robitaille-Recchi of 93 or Federov-Mogilny of 96, the who the player were can get important and we enter a circular problem, if we prejudge who those players were we start we the answer we want and enter a very adjusted stats thing. it is not just talent pool but when there is just not that many first line-first pp unit on a good team and they have to face MTL-DET 28 time a year spots, how much outscoring them when you are on DET-MTL first line and first PP unit and not play DET-MTL 28 times a year mean.
There a real problem, imo, with no that good answer, I like comparing to the an average of a large number of the best canadians nhler over time with the size that adjust a little bit to never go bigger than the number of first liner and look at a bunch of close season more than single one, which seem the best compromise but it is far from perfect.
And even if you would have some perfect adjusted stats, hockey stats are not numerous and far from telling most of the story, no sport does, but Soccer-Hockey are from baseball or modern basketball. Would RNH get close to 104 pts on the BlackHawks, Coyote or Flyers last year ? DId he and Hyman turn a massive corner past 29?