I just have a couple of questions, and I'm sorry if these have been asked before, but this is my first time attempting to farm Legendary equipment.
I assume to get level 50 equipment the enemies must be level 50, or close to it. In order for this to happen do I have to beat the game on TVHM and start a new game again? I just don't want to waste my time taking down a level 33 Knuckle Dragger trying to get a level 50 Hornet.
Also, is the Legendary equipment THAT much better than stuff acquired with a Golden Key at level 50? I know it is a little easier for one to get what they want by farming since the Golden Chest is a random crap shoot.
When you beat TVHM, everything scales in that playthrough with that character from then on, you don't need to start a new character (and if you do start a new character, things won't scale on that character until it beats TVHM).
Legendaries aren't necessarilly better than stuff you'll get from the golden chest, however they do tend to have unique effects, some of which render them superior to most non-legendary weapons. Still, some legendaries aren't so great and you may even find that you prefer some random blues/purples to the legendary if the effect doesn't suit your playstyle.
It's largely advisable to save any extensive farming until you both beat TVHM and reach the level cap, the former so things will scale to your level (i.e. 50ish so they can drop 50ish weapons), and the latter because a e.g. level 40 legendary will probably suck compared to a level 50 white, so you don't want to spend too long trying to get a piece of equipment you'll just replace with a common thing later.