Returning Player with some Questions

[Edvardelis]

iLvl 200 gear is the new baseline. You get this by farming Tomes of Esoterics. There's a cap on how many you can hold, but not on how many you can earn. First thing you should get is a weapon.

Void Ark, a 24 man raid, drops iLevel 200 gear.

Each time you clear Void Ark you get an item that lets you trade in an iLvl 200 piece for an iLvl 210 piece. The first upgrade you should do is your weapon.

iLvl 220 comes from drops in the new Alexander:Midas raid. Depending on what you want it can take 1, 2 or as many as 4 drops to get the equipment you're looking for.
You can win only one drop per run, but you can run as many times as you want.

Finally, clearing the last Alexander:Midas gives you a drop (Midan Gear) for the weapon. You're limited to 1 a week, and it takes 7 to get the weapon. This is iLvl 230.

iLvl 230 comes from Tomes of Lore. You can earn 450 a week.

As for the time required, it really depends on how often you can stomach running Alexander:Midas and how lucky you are with getting the drop you need.