I did this in the RoI beta with my champ. When they let you level to 75 for that beta, there were single use 1H sword recipes that had DPS like a maxed LI (was a bug). I had my Weaponsmith make two of those and played a cuisinart champ for a few days. Was much fun.
In live, I use 3rd Age LIs. I level 5 characters more or less at the same time and share the loot. I also craft the occasional 3rd Ager to fill in the gaps. Everyone always ends up with decent LIs with a 2-4 legacies that I like. Sometimes I get lucky with a lottery or such and get a Symbol to make someone a 2nd Age LI. Sometimes I get lucky and a random LI ends up with a great set of legacies. I use 2nd or 3rd best relics from my collection, plus cheap crafted ones, and don't worry about removing them.
The mobs fall like wheat before the scythe without a lot of grinding on my part.
Cener, Ingo, Rilibald, Hesred, Halras, Loringo
Arkenstone (ex-Elendilmir) - The Osgiliath Guard