Or am I wrong here. From what I am reading you cannot caphras the new old moon guarenteed pen items, but you can exchange the pen DIM TREE or RED NOSE for fallen god, but I thought part of the fallen god process requires that pen item having caphas level 10 so how can I use the new 100% pen for fallen god if I cant caphras it which is required to turn it to fallen god? Or am I mistaken here and you can caphras the new PEN items once they are pen?

IDK, but PEN items would be pretty worthless if you could not caphra them, so mostlikely only the TET.

To answer your question. You can only Caphras after you get the item to "V". Going through sub levels with the gear requires special gems but gives you the same exact stat bonuses before you hit "V" with any of the gear.

I'm glad they did this and honestly they should have done this from the beginning with all gear while progressing ( Including Blackstar).

If I'm not mistaken, I think you can not put caphras on the TET version of these equipment, as the guaranteed process to go PEN also gives some additional stats.

But I don't remember any restriction about caphras once you get to PEN, so it should be ok. 

You can Caphra the Pen Dim or Rednose.
Important: Then you put the Tet One into blackspirit - he show an info for a pen that cant be caphra BUT this is the "wrong" pen bcs then you making the tet to that special pen on the upgrading - you exchange it by jetina and get the pen - on this PEn is no info about it - that caphra didnt work 
So dont worry - the Pen you get from the new system like you Caphra Stones <3

You can definitely put caphras in them once they reach PEN, and if you convert them to Fallen God, they'll apparently actually be sellable at that point (unlike the PEN gear). What you can't do is have caphras in the TET gear while getting them to PEN, because the two upgrade methods are incompatible.

Ok thanks you for the responses.