theyve tweeked mf and how items are generated etc , its easier to find gg items now (not that it is necessarily a bad thing, but its just different than d2lod days)
that being said, many lld builds use set or common unique items in certain slots that are easy to obtain. this cuts down on overall cost of an effective dueler.
at the end of the day, it parallels hld in alot of ways in terms of what u speak of, rich get top items. but doesnt mean u cant be competitive or even win duels.
as for what char to make, depends. i started with lvl 9 ts sin and 18 zealer pally, which are some of the OG lld builds.
lvl 30 sorc or hdin are pretty cheap to make a starter one and be effective.
bowa any lvl is fun
havent played much mld, but i did mf a gg druid circlet so plan on making a char around that.