As a chalice bearer in my Anglican (not episcopalian) parish I have noticed that over the years more and more people are dipping rather than sipping. I know a lot will cite germ concerns, but the fact is that germs are more of a problem with dipping rather than sipping. Of course, considering that the question concerns the Blood of Christ, germs wouldn’t be a problem anyway.
As you may be aware, the Anglican Church did away with Communion in One Kind in 1559 (it was retained by Henry VIII, abolished by Edward VI, reinstated by Mary I, and ended by Elizabeth I). The reason is simple, we are commanded to eat the Flesh of the Son of Man and drink His Blood. He said we must do both. Everywhere one is mentioned, the other is also mentioned. Nowhere are they distributed to two different sets of people. Therefore, in light of Christ’s instruction (John 6) and His institution (Last Supper), the Flesh and Blood ar both part of the Sacrament and both should be distributed to all who are worthy to receive.
Just to add one thing to think about, practice in the early Church may or may not be a more "licit" form of practice. The idea that we should be practicing as they did in the second or third centuries is an assumption that may or may not be good.