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Then again, I don't know for certain since I haven't started a new game from lvl 1 after 2.0.
You can upgrade all iconics to 5++, you cant upgrade none-iconics.
A fully upgraded 5++ iconic will always be very, very good. On par with all regular 5++ weapons (meaning the best there are in game).
Iconics arent necessarily outright 'better' than normal variants, they are more 'different', have some special effects/abilities. By the brute numbers normal weapons are often even better than iconics (higher dps), but iconics will be better when you adapt your playstyle to their special abilities.
Waiting to pick up waepons early will at best save you a few low level upgrade materials.