No... You always start with 3 Major legacies. You have a small chance of being able to add another Major legacy on lvl 10, 20 and 30 reforges, but are more likely of having to choose between 2 Minor legacies.
Originally Posted by Hothoen
All legacies added from scrolls, except the stats, start at Tier 2.
2. All of the bows legacies are tier 4, which is great, but what happens to the tier level if I swap a major for a major? Does it stay at 4 or go down to 2?
No. Again, all LI's start off with 3 Majors.
3. Does starting with 3 majors reduce the odds of gaining new majors at levels 10,20, and 30?
It depends on the economy of your server, but I doubt it would go for much. You'd most likely do better using legacy and empowerment scrolls to get what you want.
4. What would a bow like this sell for? I'm thinking about selling it and using the money to buy mats to try again. I gotta have focus and induction crit. Merciful shot cooldown is a favorite of mine but it pales in comparison to those 2.
5. Is the max item level for 95lis still 60 (70 with scroll)?
Your first LI is capped at 40, but by the time you get to 95 it should have long since been scrapped.
I read something that sounded like they are capped at 40 for some bizarre reason, say it aint so!