Here I putted together traits and gear for certain areas and purposes. Take with some space words like "best" xD.

Those items, that are red colored are not the top items in game.

BEST SOLO BUILD

    Legendary
  • Sword and staff
  • Ents go to war
  • Improved sticky gourd
    Gear
  • Stone reader's set
  • Lothlorien stalker's hooded cloak
  • Túrvegil
  • Afraig's amulet
  • Treasury stone
  • 2x Diamond stud
  • 2x Glowing aureate band
  • 2x Glowing aureate armlet

  • Traits
  • Master of the staff
  • Awarness of body
  • Flame of Anor
  • Harmony with nature
  • Improved sign of wizardry
  • The secret of tar
  • Beast-lore

You can even improve or achieve the same results, if you'll use Amber or Spry rings instead of Glowing aureate bands and if you replace armlets with bracelets from mistress and hall of crafting.

You can also replace the secret of tar trait with deep lore, but usually you don't need to root more then 3 targets.

Otherwise i consider this the best solo built. It has enough morale so you aren't squishy, it has enough tactical crit rating so your dps is pretty nice. This build simply does not have a weak side. And if someone thinks that 3500 power is low for lore master, I assure you, that with this in combat power regen and while soloing even 3-4 mobs you won't run out of power.

DAMAGE OUTPUT MAXING

    Legendary
  • Sword and staff
  • Ents go to war
  • Improved sticky gourd
    Gear
  • Stone reader's set
  • Lothlorien stalker's hooded cloak
  • Golumagol
  • Afraig's amulet
  • Treasury stone
  • 2x Diamond stud
  • 2x Glowing aureate band of tactics
  • 2x Glowing aureate armlet

  • Traits
  • Master of the staff
  • Awarness of body
  • Flame of Anor
  • Harmony with nature
  • Improved sign of wizardry
  • The secret of tar
  • Beast-lore

Again you can achieve a bit higher stats by using those bracelets alternatives.

This is the best tactical critical rating I was able to achieve without significant decreasing other stats. If you gear this way. It increases your averadge dps by 5 at cost of around 250 morale. The traits are already turned to maximal dps in both setups.

PVP

The high morale in PVP is necessary, but I dont think that increasing it at cost of critical rating is way to go. So let me intorduce you my opinion on PVP gear. The gear is same as for solo built as i really consider that one best for everything except raids.

    Legendary
  • Sword and staff
  • Ents go to war
  • Improved sticky gourd
    Gear
  • Stone reader's set
  • Lothlorien stalker's hooded cloak
  • Golumagol
  • Afraig's amulet
  • Treasury stone
  • 2x Diamond stud
  • 2x Glowing aureate band
  • 2x Glowing aureate armlet

  • Traits
  • Master of the staff
  • Awarness of body
  • Flame of Anor
  • Harmony with nature
  • Improved sign of wizardry
  • Deep lore
  • Dunedian-learning

The gear is same as in first build so replacements are the same too.

As for the traits, I switched beast lore and secret of tar for a reason. In PVP you usually face a large group of creeps so it is goo to root as many of them as is possible. Also in PVP you want your antistun always on and Dunedian-learnig really helps in this case. Besides it improves your stealth detection skill, and that makes wargies angry.

WATCHER

    Legendary
  • Sword and staff
  • Ents go to war
  • Improved sticky gourd

  • Staff
  • True golded wood staff
    Gear
  • Stone reader's set
  • Lothlorien stalker's hooded cloak
  • Turvegil
  • Afraig's amulet
  • Treasury stone
  • 2x Floral earring
  • 2x Glowing aureate band
  • Glowing aureate armlet
  • Wristlet of laurelindorenan

  • Traits
  • Master of the staff
  • The study of wind lore
  • The study of fire lore
  • Deep lore
  • Improved sign of command
  • Power and wisdom
  • Healer

Again you may switch the rings for amber or spry ones. It is also better to use Lady's wisdom set for extra radiance, unfortunately I don't have it full yet so I sticked with Stone reader's and + acid resistance.

You can also replace Ents go to war for Eagle friend if you still have power issues, but I usually use bear, so I can help with damage.

I sacrificed a bit of morale for power reserves as usually there is of lot of sharing power. With this set in combat power regen is around 1200, which with the sharing traits is enough power to move a mountain. Traits are chosen especially to boost power sharing and debuffs to maximum. Btw master of the staff is there for +5% morale, you can never have enough of that.

DAR NABUGUD

    Legendary
  • Sword and staff
  • Eagle friend
  • Improved sticky gourd

  • Staff
  • True golded wood staff
    Gear
  • Stone reader's set
  • Lothlorien stalker's hooded cloak
  • Turvegil
  • Afraig's amulet
  • Treasury stone
  • 2x Floral earring
  • 2x Glowing aureate band
  • Glowing aureate armlet
  • Wristlet of laurelindorenan

  • Traits
  • Master of the staff
  • Fast loader
  • The study of fire lore
  • Deep lore
  • Improved sign of command
  • Power and wisdom
  • Healer

The gear remains same and again the radiance will help.

You can switch master of the staff for dunedian learning, proof against all ills or light of hope, depends on what your raid group need help with.

I decided to switch the study of wind lore with fast loader, because there is no use for improved wind lore, but fast loader helps a lot with maintaining mezzed mobs, ane there is plenty of those. With traits it really depends on your raid group and their skill. Sometimes you need to switch Master of the staff, but sometimes you'll be happy for increased surviability.