Of course those randomly dropped green items won’t provide any outstanding equipment, but the difficulty of the level progression part of the game was designed with this outfit in mind.
Unless an enchanter buys them, you can get pretty much Cabal Alz all of that stuff at the minimum price. This gets you up to level 50 without any major drawbacks in groups and is an easy strategy for anything that you outlevelled by far.
Of course specific quest rewards and blue items outperform the standard armor, but going out of your way for a single piece usually isn’t worth it.
The time you spend at less than optimal experience spots trying to get it is not being made up through the additional efficiency gained through equipping it.
If you are going the solo route you should focus on damage output and that alone. Maximum DPS (strength, attack power for ferals, int and +damage for casters).
Anything that requires in-fight healing or takes your hit points down to a dangerous level is too difficult to be killed solo for experience (low efficiency).
In any case the by-level list below lists a few recommendations for each level range for things that you might want to watch out. A lot of it depends on your build and play style, so this can only serve as a general orientation.