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Every week on Friday, an old event title that you were unable to get (like angling for love) becomes available again. You have until the end of the weekend to acquire the title. This is just a re-release event where players can obtain event titles from the past, which is good for newer characters because they were released far after the event titles were given.
So every Friday, a new title is refreshed; you can view what title it is by opening your story mission UI and checking the event section. This event can either be permanent (recycles every Friday for the rest of the game's life) or temporary (recycles through all the titles ONLY ONCE and ends once those old event titles are cycled through).
It will only reset the enhancement level if you upgrade from a blue or purple feather. Going from orange to orange will change NOTHING except for the stats on the feather itself.
Example 1: +10 Twinkling Valor Regina Staff (Purple Primary) will become Twinkling Valor Regina Staff (Orange Primary)
Example 2: +12 Immoral Judgment Terminus Sentinel Bow (Orange Primary) will be unchanged if you change the primary piece.
Changing the secondary materials will not affect enhancement rank or enchants either.