That certainly is a lot, but I'd hardly call it the ultimate weapon when its stats are no better than either of the 2 required to make it. Least you would only need 1 weapon, where as anybody not using a 2 hander would need to make 2 legendaries.
The odds are equally not in the favor of anyone. Yet still, someone will emerge victorious with the coveted title of "Steve". - mooninomics, GW2 Board
Your legendary Is sunrise or twilight if you want great sword. Eternity is an option, but it's not MORE legendary than the other two. At any given time, unless someone sees the transition they won't even be able to tell which one you have.
The requirements are meant to be met as you play. If you rush for it you'll go crazy. Also note that that there are some high tier exotics that look really cool and are meant to be used as goals for people with less time or patience. Some even use the same legendary gifts components and in many cases they look BETTER than some legendaries.