just my 2 cents
as was said before, teh key word is "derived". gas is derived from oil. gas is exceptioanlly important, but oil has greater importance, cause morethings come from oil other than gas. many things can be done with oil w/o making gas. gas is can be a "byproduct" (i use the word loosely) and though important is not the end all be all.
if LT is the multiversal protector, he protects more than just life which the phoenix is derived from. in essence, he should also be protecting the phoenix. its like the LT is a bodyguard of a wealthy man and woman (the multiverse) and their kids (the separate universes) and the family pets/valuables (life, death, order, chaos) and things derived from them.
so the phoenix force for me may not even be in the top 3 ppl because its existence depends on something lower down on the multiversal cosmic ladder
God (all) >
Multiverse (LT is its protector) >
Universe (embodiements of eternity) >
Facets of the Universe (life/death, abstract concepts like entropy etc, primordial forces (Death, Celestials, Abstracts, etc) >
Derivations of the Facets (Phoenix, In-Betweener etc)
HOTU and IG are excluded cause they are inanimate objects and their power is subject to who has them.
phoenix ranks so low for me because life CAN exist with out it. not the other way around. phoenixes powers are derived from life to do whatever it needs to do. its grandiose tasks taht it needs to accomplish are subject to something very low on the cosmic hierarchies order.
phoenix although nigh limitless in power only has to do with life. and life is not the end all be all.
PS i dont even think the LT and eternity etc are actually alive. they are soulness automatons left to do a job, similar to a piece of factory equipment making bottles etc. the factory operator being TOAA doing a job to suit his own needs (clients (everything else in the universe)) i personally believe the "living" in living tribunal is a misnomer.
not sure where the beyonders fit in because i have not followed them