A few key points to think of: I have been an EQer for many years. Started in closedBeta around the time I graduated High School, maybe late '98 early '99, and played for 7 years straight. I have also played WoW, JD, PWE, PWI, Diablo II, Ultima, and FW since. I have seen many a game economies and rise and fall of the games. Economy was the key factor in the retirement of many of the Legendary players in old EQ, myself included.
First off: In regards to no drop items, on the lower end of no-drop, yes absolutely, scrub it. There are many more reasons than I will name but here are just a few...
1. Forget about level 70 alts, everyone is talking about level 70 alts, simply what about the lower level characters that WANT to get better? I noticed there is already a certain amount of "progress blocking" here. It is a common complaint I have heard in various forums and was a common problem in old EQ as well.
2. I noticed everyone seems to be on this "Attunable" kick, yeah sounds great in theory, BUT [big but], won't this create a higher demand for higher levels to rape lower level zones repeatedly? I mean, the lesser the existance of an item the higher it's value. If the #1 guy on the server possesses something, passes it around his alts, gets bored with it, and finally sells it, then that is that many times he didn't rape the zone for the item. I see no benefit in making them attunable, however, contrarily, will create the condition of increased farming, which translates to more progression blockage.
3. In the case of character "X" that has been camping a mob for days, whether he sits vigilantly waiting for the spawn, or returns frequently to check, to get that drop he needs to complete a quest, or the weapon/accessory he desires. Character "X" finally gets his mobs, pulls it, and the long drawn out fight begins. He can kill it, in time. His scenario plays out nicely. It's health dwindles, 90%, 80% 70%... Here comes character "Z" a twinked out level 70 grandfathered in by his big brother's main, plvled to excellence. He "wants" the same drop that character "X" needs, how do you think this plays out? Character "Z" drops the mob in 3-4 hits, turns to X and scoffs "Better luck next time noob." This process repeats 5 or 6 times. What do you think will happen? Character "X" is going to curse everyone out in WC/OOC and delete his account. Everyone will be like "WTF?" and laugh as character "X" commits teen suicide. [Pardon the dramatics and my morbid sense of humor

4. Farming. In old EQ there was a cut off point, where once you were so many levels above a mob, it stopped dropping. They became trivial. This enabled lowbies a chance to farm things to sell to ther higher level characters, especially the Necromancers and Shadow Knights who required mats for spells. Things like bone chips and zombie skins. This type of thing boosts economy and the ability for Veteran/New players to interact. Not to mention it gave the lowbie something to sell. Forcing the poor to only consume will make the rich riched and stave the growth of the poor. Giving the poor something to sell the rich gives them the opportunity to progress.
5. Tradeskills. The old EQ game had a nice balance of difficulty vs usefulness for the tradeskills system. Also with some drops only appearing in some lower level zones, and being lootable by only lower level characters, but being necessary for higher level gear lended to its economic stability. It was when these caps were removed and intercontinental travel diversified that the lowbie zones became a rapefest and then the global hierarchy of elites was established creating a rift in fun factor and less to work for. Using the Tradeskill system in a profitable way, like it's original concept, is advisable for economic growth. Edit the information in various existing items that are basically useless in the game currently, like old school plate mail, chain, leather, and cloth armors. Make it so that the old recipes create an edited version of the gear, slightly better than the common drop stat gear (i.e. Defiant gear in Crushbone), thus making the crafting system desirable even for lower levels, but add in some great endgame content for the high end, however, make that content rely on materials created by lower end characters (again forcing a trade) or items farmed by level specific characters. I.E. For superplayer "X" to forge the "God's Hand Dragon Slayer" a 2Hs Claymore-like blade that is nearly completely illuminated by white light, he must get 2 or 3 items crafted by players, from mat drops in a level restricted zone/instance/quest. The higher level is happy because there is new content, the lower level is happy because of new content, the lower level feels important because he is being called for help from the higher level, giving him/her a sense of dedication and worth to his calling, the lower level is happy because he makes money to buy more things he needs, the higher level is happy because he gets to be the first with something cool and different. Everyone wins.
6. Accessory items, I think the best spot to start building on this would be accessory items since there doesn't seem to be a whole lot of them in the game right now. Also, these would probably be easier to do as well since the lack of graphics for most if not all of them. Earrings, Necklaces, Masks, Belts, Charms, Shoulders, Back, Augments [Adornments], Essences, Ammo, Clickables, etc... This also utilizes the full spectrum of character classes. Make some items only available from vendors in obscure cities, like Cabilis, this way a human will have to hire an Iksar or be a good rogue/illusionist to get it. Next, make it so an Enchanter must cant a certain spell over it using a certain scroll found in a specific area or sold in another location. Then require that you bathe the charmed object in Ogre blood or something. Now that piece is ready for Mr. Level 70 to add to his recipe. This is an essential to balancing the system.
Basically that is it, in a nutshell, BALANCE. Add content that is awesome for raiders, but NEAR-equal content available for solo-ers, spread the final product amongst levels creating something desirable for all, add some useful content for lewer levels, incorporate that content into the endgame content. This is the equation for a perfect economic patch.
The other thing would be the creation of some form of pricing protection. If the items are level 30 to 45 drops and will prove difficult to get, make it so that the NPC merchants buy that item for a decent sum, thus pressing the wealthier high levels to shell out some plat for it. Not everyone has the stubborn drive to create an alt everytime they want something. Most people aren't that cheap. This will sooth the laziness of MR. "I have 20 lvl 70's" and have completed evey task in game 5x, and the eagerness of the guy that just started playing.
Always remember, you'll never make everyone happy.
[Example Routine]
Place a few NPCs at different locs [not in obvious places for level 50+ zones, make them swim rivers and climb mountains, jumping across a ledge or two never hurt anyone], link it to a simple kind of quest, "Go there and kill "X" mobs, return to me afterward." [Of course increasing in difficulty, variation, and frequency for higher levels] Lets say that it is for a back item.
Level 1-20 quest, starting in Freeport
Kill 20 Mountain Lions
Reward "Cape of Dawn" AC 15 +5 stats
Level 20-40 Quest in Lower Guk
Reward "Cape of Ages: Pattern" AC 30 +10 stats +1 clicky
Level 40-60 Quest in Veksar
Reward "Cape of Ancients: Pattern" AC 45 +20 stats +1 clicky improved
Level 60-70 Quest in Wall of Slaughter
Reward "Cape of Aeons: Pattern" AC 70 +35 stats +2 clicky
For the initial item it is as is; but for each consecutive item the former is needed. Quest only given to players within the appropriate level range. So for "Cape of Ages" you need to posess "Cape of Dawn," a farmed medium to combine in forge, and a "Cape of Ages: PAttern" from the quest in Lower Guk. If you want, you can factor in a tailor, say a 100 trivial if you want to expand into other avenues of how to stretch the economic growth off a single item/idea. This way they need to find someone to sew it for them also or learn to sew. The combination can fail as well, thus requiring the seeker to get another original item from a lower level. Make it so a higher end tailor, someone that has pumped in a few AA's, will not fail, so they can charge a higher rate for a no fail service. Then with all factors considered and average on hand money available, the price will establish itself. An economy based on a single item is born.
Do this with multiple items, and mutiple race/class needs, multiple tradeskill needs, and excellent rewards for various levels from newbie to power player and you have a happy community hit!
Just my lengthy "2 cents," hope someone reads it. LOL!