Hi, just thought I would share this, as I am sure there most be at least SOMEONE out there like me who didn't know this.
Basically, if you want to get the legendary cloak on alts, do not upgrade your epic 600 cloak. When you use the item to make the cloak legendary, it also becomes 2/2 upgraded (no valor cost).
For those who didn't know this already, enjoy! Save your alts some valor!