IMO, it's a poorly designed campaign adventure. As my characters are not used in the campaign, they do not earn any EXP from completing the missions. I completing the first mission, and the loots are... unimpressive. I wonder... what are the loots for completing the adventure? Does the adventure offer any special loots at the end. Otherwise, I'd just skip it.
It's three player made maps - from a competition we had, not created by the designers. There is no special loot, so if you're not interested in anything but xp, then I guess it's not for you.
The treasures I got were almost entirely level 18 (a few were 17). I don't know if that is pure RNG, or if the levels of loot is set to a very high ceiling. It's possible they are set to use the highest level character in the party as the level base since the adventure itself doesn't have a level, and since loot is usually +/- 3 from the base level, having a level 20 character in the party showered me with 18's and 17's (instead of playing a level 17 module and getting level 14-18) Also the chest at the end had entirely uncommons. I don't know if that was intentional or not as well, but it's probably a coincidence (usually the last chest of an adventure has 2 commons and 2 uncommons for their minimum rarity, I think? Something like that) I guess it's another module to use to farm high level loot, cutting out all of the unwanted level 14-16 loot.
I mean, only a few adventures have special loot, KT Chong. Maybe you should skip the entire campaign? On an opposite extreme, I got two bejeweled shortswords this morning when I beat the first MM scenario. Clearly the loots are fantastic.
That's introductory levels for certain items and cards, not sure that's actually the same thing. This would only matters in cases where people regrind until they stop getting xp from adventures before moving on. If this is correct, it's a minor difference from highest character - as that's usually around the same level. Considering this is what Jon said re: loot for MM when it was released, I guess you could be correct. Hard to know as it's pretty hard to measure!
If you beat MM with character level 20, and still receive level 13 items, it's probably using the "campaign level 17" instead of "character level 20". Assuming there's even code in the game for drop tables higher than the campaign; maybe 17-50 are the same table at the moment. *shrug*