5 heels event is similar to every class start event. You get equipment and such at x level.
At Lv 70 you get a feather Helm that has stat similar to the class hot time helm that it gives about +12 all but +5 M/ATT if you are the class that get it(as in not psok). If you are Evan, you get the Evan version.
As expected, hot time hems or this are best until you get endgame due to the 5 m/att
Is it ok to skip the quests in order to level up then? I know you lose out on SP and I think the dragon flying thing? You wouldn't want to gimp yourself (and honestly if you're going to have a dragon partner you should at least be able to ride him).
You can always do the quest on a latter time. I used the 70 exp 1/1 on mine. Now for the hell of doing quest. Seem like it would be alot more fun when i was at the level and enjoying the new attacks. oh well.
The bad thing with Evan is the nx skill, but again, that can wait till latter.
You do the quests to gain more SP for your skills, which for the most part won't really matter until later on. However, you'll need to do all the quests to access later quests, including one which allows you to ride Mir, so you can't just pick and choose which quests you want to do.