Level doesn't matter in the long run. You're light level does. Level 34 is basically going to be the new level 20 if you think about it.
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Lvl does matter, you cant equip the high light lvl gear until you get to 40.
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My bad then, level 40 is basically going to be the new level 20. Now if you think about it, your light level will actually represent somewhere around 50ish when it's maxed out.