I'm currently doing the MQ and KoTN questlines simultaneously.
My original idea was to keep my character at level 18 until I'm done with most tasks that involve oblivion gates, as it gets insane when you're past level 20, and then, when I've progressed enough to go straight to level 22, I'd have him sleep somewhere.
Why level 22? because that's when the Relics of the Crusader have their max stats.
But in my eagerness to get those, I just... forgot about that plan entirely.
My previous save file is from 14 hours ago.
Oh Gods... I'm gonna have to take a long break from Oblivion before I can find the strength to go that far back and do it all over again.
What's even the point of a leveled item? to avoid making you overpowered? simply make the related quest unavailable until you are the proper level.