I just do 69.1 Hard since I can go as slow as I want and since it's instanced no one can bother me. There is little loot to speak of except rare random drops and chest loot though. I will have to hit MPG named again soon since my Druid is gonna be 70 soon and I have no glowing runes for him. I plan to try and box some MPG trials soon so hopefully I can get my Druid some upgrades as I have really neglected his gear.
As for AAs I have 13 ranks of avoidance and 13 ranks of mitigation and have PE1. From reading the parses on the EQlive board between Monks and Rangers it looks like the next 5 ranks of mitigation lowered the avg dmg a total of 0.98% and the next 5 ranks of avoidance caused the mobs to miss 1.57% more. I have not yet decided whether to max my defensives or do other AAs first.
Monk 18% shielding 2592AC
no aa, 640.97 avg punch, 27.23% misses, DI20 6.28%, DI1 28.99%
ca3/cs3, 633.33 avg punch, 29.85% misses, DI20 6.09%, DI1 30.17%
ca3/cs3/pe, 629 avg punch, 30.3% misses, DI20 5.88%, DI1 30.83%
ca8/cs8/pe, 613.33 avg punch, 34.44% misses, DI20 5.18%, DI1 33.23%
ca13/cs13/pe, 605.66 avg punch, 35.88% misses, DI20 4.83%, DI1 34.54%
ca18/cs18/pe, 597.56 avg punch, 37.45% misses, DI20 4.23%, DI1 35.95%