I needed to check the wiki to know what it did, it doesn't give any clues as to function either just by looking at it; how does ghostly mist actually manage to somehow alter materials, unless the gimmick is kind of convoluted way of saying players are breaking the rules of nature through the blurry lines of the mortal veil or something. I thought the wizards crystal ball handled natural elements via magic dropper's and things.
Very neat functionality now we know about it, but it really discourages players as-is to use graveyards without more useful things there besides farming ghosts for silver pennies by the lack of information. Knowing what NPC's to settle there when they obviously seem quite upset by it with the NPC happyness system also is a little counter-intuitive,
i had my own suggestions on this to have dedicated graveyard NPC's but even so.
Couldn't we smith ancient armor in ecto mist also/instead if its so powerful in linking to the past?