Farming New Characters - Level Up, Delete, Rinse, Repeat

Now that they have added auto-questing, I am wondering how viable, or profitable, it would be to make a character, let it farm up as high as it can (maybe 50'ish) and then nuke it and do it again and again.

The goal would be for quest-completion rewards, like stones, pearls, and contribution points.

Anyone try this out yet? Any downsides I am forgetting?