I've deleveled my warrior a few times to run through fave dungeons, so I know a bit about this. On Live, you could maintain skills and skill caps of your level + 2 if you deleveled. This meant that a warrior could have Dual Wield at level 11, for example. On P99 though, there are no advantages to deleveling. Here's what I found:
1. You will lose the skill immediately when you lose its qualifying level. My warrior wasn't able to dual wield when deleveled to 12.
2. Your skill caps are locked to your current level, not current level + 2. Although the client will continue to show you stats (AC/ATK) corresponding to your highest attained skill caps, my testing indicates that these skills are capped at current level only (tested last year).
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