Pickpocket should not have a level limit pre Feb 21, 2001
 

http://www.tski.co.jp/baldio/patch/20010221a.html

Pickpocket now works to a max of 5 levels below you, or level 45...whichever is greater... You can pickpocket NPC up to level 55 if you are level 60.

Key word is now meaning before you were able to Pickpocket any non magic item before that date.

Anecdotal evidence:

http://eqclassic.org/forums/viewtopic.php?f=35&t=803

I snuck up behind and picked his pocket, and lo and behold, I stole his head! And I guess he never noticed, because he didn't attack or anything. I was thoroughly pleased for a long few minutes, happy to have the thing I needed from the guy. And once the bizarre idea of imagining what had happened struck me, I laughed uncontrollably for quite some time.

Rogues could pickpocket anything that wasn't magic.

So lore and no drop were a-okays to take.

This contradicts Niblog's post here http://www.project1999.com/forums/sh...t=98585&page=6

Did you read the whole thread?

He is not talking about Stanos.

Don't have the time to go digging around but before this I believe it was just a hardcap at 45, there was no 5 levels under (60 could only pickpocket 45 not 55).