evolving rings?

Is there a level requirement to get the quest?

I wouldn't imagine so. I'm guessing if there is one, it'll be level 8, 10, or 13, nothing huge.

And if I have a lvl 20 char and a lvl 140 char will they both end up with the same stats ring at the end of the 17 days?

Yes, level has nothing to do with it.

Also what lvl do you have to be to equip the ring?

I believe the level requirement is 0.