The rarity of the Workbench defines the maximum rarity of the Frost Tools you can craft there.
For example, if you have an Epic Workbench you can craft Common, Uncommon, Rare and Epic Frost Tools (assuming you have the corresponding FROSTprints and other crafting ingredients) but nothing rarer.
If you wish to upgrade a FROSTprint to the next rarity, the Workbench must be at least as high as that rarity.
(If you are a Big Time player, Frost Workbench are similar to Time Wardens)
Workbenches - Maximum Issuance
Image
Rarity
Max Supply
Common
64,000
Uncommon
32,000
Rare
16,000
Epic
8,000
Legendary
4,000
Mythic
2000
Exalted
1000
Exotic
500
Transcendent
250
Mythic, Exalted, Exotic and Transcendent have to be made through upgrading.
Upgrading Frost Workbenches requires 2 of the same rarity to make a workbench of the next rarity. The 2 used to make the new one go back into the pool.