It's getting interesting right now, and i can't answer with simple yes or no. Character leveling is made easier and next major patch removes veteran levels leaving champion points as veteran advancement system. First hundred CPs drop like candy. I believe when playing first character you can't keep up with that.
You will reach max level at 50 and after that it's gear and CP advancement. Current VR16 will be CP160 gear and for awhile is the max gear level.
But when you reach 160 CPs, THEN you can catch up with crafting, because CP cap is currently 501. That cap is roughly same as leveling three VR16 characters. Since CPs are account wide, your second toon needs only level to 50, and can immediately put on max gear, jumping effectively to old VR16 level right away.
If you last played when VR1 was a shock and struggle, then everything has changed. Leveling is now very easy. It does not much matter what you wear. There are much more daily quests to keep earning CPs after all quests are done. All Cadwell silver and gold areas open up now after main quest is finished or you reach VR1. New areas are open from level 1.
I played for a brief period a while back, and I remember that there was no logical way to keep your crafting level on par with your character level -- you couldn't keep your character outfitted in basic, pre-endgame gear. Completing dailies, breaking down weapons & armor that mobs dropped, research, etc., there was no way for the crafting system to keep up with character progression.
I've been considering revisiting the game, but this was the first thing I thought of. Just curious, has anything been done about this?