I have a Monk alt with relic but not +1, one allagan earring from my DRG main, one peltest belt (saving up philo to get crafted belt), aside from that, everything else is crafted overmelded gear in every other slot ('cept chest isn't done overmelding because I'm attempting a savage might IV meld in the third slot, so only buying them when they're cheaper). It helped that my main is a DRG and I crafted accessories for that toon a while ago, so when I leveled up MNK, it was just doing the armor pieces, which is cheaper to make at only 9 pieces of philo items instead of 18 (cept head and belt).
Now granted, I didn't get a chance to get +1 on my MNK's weapon yet, nor get crafted belt yet (should get it in a couple days after speed runs) but I can tell you right now, you're not gonna set the world on fire. Don't get me wrong, you'll do good dps. But you will not surpass someone with more ilvl 90 gear. I know this for a fact because the Coil group I run with has a MNK with a bunch of Myth and Allagan drops, and he parses higher in actual fights than I can on a dummy (I don't bring my MNK to Coil so this is my only point of comparison). Yeah yeah, parses can be unreliable, but we've done it enough times that any aberrations would've shown up as such.
Now it's in the same ballpark, and considering the I don't have my +1 weapon yet, it's pretty good considering I invested nothing but gil and WP speed runs to get all my pieces for an alt, so as soon as I turned 50, did my relic quest, boom, busting out high end DPS. But anything approaching game breaking? Nah, just a regular ole DPS, that's all. I've done stat weight calculations on all the crafted overmelded pieces versus myth/allagan pieces. There are a couple pieces here and there that maybe could be better in a pure DPS sense. For instance a fully melded Gryphonskin Trousers (need Savage Might IV and 1 Quickarm IV though to make this work) does technically have more DPS stat weight than the Mythology piece. However it's REALLY close and the Mythology piece also has like way more Vit and Accuracy.
So in the end, there's really no crafted piece that you would never replace with a myth/allagan piece if you could. The only reason I went the path I did is because MNK is my alt, DRG is my main, so I'll still be spending all my myth tomes on my DRG first. Still need 2 more weeks to get my chest, THEN 3 weeks after that I can get +1 for MNK, then after that I'm gonna buy Myth accessories for my DRG, which can also be used for MNK, but that also means it'll be a LONG time till I ever spend a single myth tome on a dedicated MNK piece and since my MNK doesn't go Coil, but the group I'm in has a MNK, very unlikely I'll get Allagan drops anytime soon. So yeah, for me, I made ilvl 70 overmelded gear because it'll be the best gear I can get for probably a couple months or longer, depending on how the gear from Crystal Palace turns out. If you're in the same boat, hey go for it. Or if you have a TON of extra money, and won't be bummed out by getting myth/allagan gear soon after dropping 300-500k each piece to overmeld it, hey go for it. But if MNK is gonna be your main and you're gonna devote Myth to it and you're looking to join a Coil group, I'd say eh, Darklight is good enough to tide you till then honestly. If you're still set on doing this, I'd recommend doing accessories first. Why? Because you can wear them on any class, so if you ever level up a DRG, you could use those (like how I did, except in reverse) or a BRD, because it has both STR and DEX on the pieces, or hell, you could even use those accessories for a tank, at least for beginner endgame content like WP or AK, DPS accessories will be good enough for both tanks.

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