Something that is yellow or purple can still be considered good, and sometimes the only thing available, for a lot of content. Crafting requires a lot of rare material that people are using to barter for Ember around that level. It won't be something that they would be willing to spend on crafting gear unless you provide the goods. There are ways to get the material, but it isn't worth extending for a fresh Valar. Some of the best gear that you can get at level 120 can be obtained from the dailies in Vales of Anduin, which can only be unlocked if you do all the quests in the region. But all of this is rather moot when you consider that the level bracket jumps up in stats between 120 and 130. What you find from the quests will suffice until the level cap. I recall getting a full armor set from the Black Book of Mordor through Minas Morgul. Whether that is better than what you get from a level boost is up to you to figure out.