I should imagine that gear could carry you to 60 on classic, kunark and unfactioned velious content.
That said, why not keep upgrading if that is what you enjoy?
Now you are 40 you can share xp with a level 60. Consider hitting up Wakening Lands and joining a faction group to make friends with the dwarfs. No one there will care about your level.
Once this is done you can join Kael plate house / arena groups, these are often done as open greed events for lvl 45+ and will give you quest components for Thurgadin quest armor. This armor, and further levels, should be sufficient for getting you started in the high end velious scene.
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