I suggest you only almost rank up one faction. You can change factions once per week, but if you dont mind waiting a week to return a bounty and get a package, go for it.
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it's actually all of them on all characters, but that's actually a good point, we can't almost rank up dead orbit, future war cult, new monarchy, vanguard, crucible, and then turn in 5 bounties on the day (switching around faction class items), and rank up 5 factions on each character, getting a total of 15 upgrade packages that could drop legendary items!
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Also, im not sure if packages will include a legendary if youre not level 40. Kinda like if you turn in a blue engram at level 8, it will be close to that level but if you save it for level 20 it will be a level 20 blue item
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good point!