1. whats the best level to well?
2. the higher the better? or it doesn't matter
3. does the item affect the monsters strength?

1) 60-70 from what people seems to like, overall 1-71 u never know what u'll find
2) really doesnt matter stats are random
3) yup thats why people well from 60-70 u can save up ur 40s or w/e and well them on that 60 yet if u get a item from a lvl 70 then just well it at that lvl, usually u well at w/e lvl ur at (especially mages)