In my chapter, we don't receive our letters until Phi Rite of Passage. It doesn't make sense to wear something if you don't know what it means, you know? They can't wear the Founders' Badge until Epsilon Rite.
I'm glad my chapter does it this way. It really builds a respect for the letters and the Fraternity. Since my chapter was very pledgey all the way into the beginning of this decade, the alumni totally agree with it. Pledging definitely has its perks, so we kind of adopt of few of them.
The BMP is perfect on paper but I think it's up to each chapter to take it, make it their own, and run with whatever works.
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Michigan Theta SLC
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