I thought the same till I was like wait!
Just buy crappy items and put all the gud stuff in the vault and grind level 40 which takes like 2-3 days depending on how much time you have.
Then just reapply all the gud stuff!
English
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Resetting light level isn't the only setback from restarting a character. Subclasses can take weeks, and stats from the original character are lost.