There are a lot of "powerful" weapons with no level requirement albeit much much weaker than this one. But what's the point of allowing a level 1 to use this? Odds are the proc would be resisted and there's a damage cap for level 1's anyway. Even if it did proc given the mobs you'd fight with this you'd need to be buffed to the moon to survive the mob's first swing and since there is a cap on what level buffs you can benefit from, odds are you'd still die instantly.
It IS fun to make a new level one toon and put the best possible useable gear on it as well as buffs and then go lay waste to some noobie zones. I keep a couple of sets of such gear which works out nice on FV since some of the no-level-required uber gear is, of course, no trade on other servers.
But the fun is short-lived. I've done this and levelled the toon quickly, very quickly, this way to the low 80s but then of course it slows down to the usual grind.
I've even loaned such sets of gear to friends to entice them to play EQ. Again it's fun for a short time. But then they get the idea the game is that easy and when it starts getting harder they quit. Probably be smarter for me NOT to loan them the gear but just work with them to do noobie quests and enjoy the low level game but I don't have that much patience.
Ooops, apologies for the potential derailment!