Inherited an account

[Khan]

Hello there!
So my friend played this game on and off for a few months and now he fully went to WOW. I played back in the day....way back on live during kunark. Anyways he threw me his account with a 49 lvl bard with some crappy gear. Now for the reason of this post. Should I use bard to get gear for toon I want or just put forth that time into lvling up a toon I want to play?

How is the economy? Easy to buy sell trade?

Typically played a Necro or cleric. Enjoyed necro more for the most part but guild always needed a good cleric.
Had a shammy too but he was typically the Pvp toon

Anyone want to throw some advice before I start on Monday