"Everything going foward is ordinary income. "
That's incorrect for a start. Dsitributions in excess of basis are taxed as LTCG.
And if you owned for 10 years, you'd pay a very significant portion of your proceeds in deferred taxes. So when you rebuy to establish your basis, you'd do so with far less funds, meaning you'd have less units and lower income going forward.
That idea is a really bad one where your basis is low.
This is not correct. As I understand it, distributions going forward after your basis reaches zero is treated as return of capital, and is taxed at the capital gains rate. Howsoever, were you to sell your entire holding after the basis is zero, then all your deferred distributions are subject to taxation at your ordinary rate, and you also have capital gain between your purchase price and your selling point. Moreover, not all of your ordinary distributions will be taxed as some of it is still sheltered by accumulated, but unused, depreciation. The last point may have to be clarified by a practicing accountant.
I made the same points before reading your reply.
You are right, selling and re-buying when you have years of accumulated deferrals will guarantee you a smaller position and lower future income. So what if you re-buy 20% cheaper if say 35% of your proceeds went to pay tax. You won't be able to buy as much when you buy back in.
Stupid idea to throw away the biggest tax benefit of owning MLPs, ie the tax deferral.