LORE-MASTER LEGENDARY ITEMS
This is either That Which Smote Manwe, or the Smiter Belonging To Manwe. Either way, it's pretty badass.
Lore-masters have the least variety of legendary items: staves and books. No need to muck around with multiple setups - this is probably the simplest aspect of the class. You may want to experiment with a group-spec and solo-spec staff, but that's about the extent of it.
Staves come with a handful of non-upgradeable legacies, similar to 2-handers for Champions, Guardians and Captains. These are different from item to item, but usually include Will and Fate boosts and a few other things. The higher the level requirement for the staff, the more powerful these base legacies are.
As for the standard Pool A legacies, Tactical Skills Direct Damage is a must-have on a staff. This makes all tactical damage skills hit harder. Fire Skills Critical Multiplier is also nice to have, as is Staff Strike Cooldown. The one legacy that will define the staff's status as group-spec or solo-spec is Increased Power from Share the Power - if the staff has it, it's probably good for groups. If not, it's probably good for soloing. All other staff legacies deal with increasing skill damage, critical rating or range.
Book legacies are generally the ones that affect buffs, debuffs, cures and crowd-control. Target Physical Resist Rating will allow mezzes to land more often, and Target Tactical Damage Skills Resist Rating will allow damaging skills to hit more often. Non-Damaging Sign of Power Duration is a very good buff-spec legacy, and Beacon of Hope Healing is a good cure-spec legacy. For a battle-book, look for Fire Skills Critical Rating, Burning Embers Pulses and Wizard's Fire Pulses.
Pool B book legacies are a real mixed bag. Good battle-book legacies include Fire Damage Over Time, Target Fire Damage Skills Resist Rating and Fire-Lore Targets. A pet-smart Lore-master may want Increased Threat from Sign of Rage and Increased Morale from Sign of Protection.
More information on LI legacies can be found on the Lorebook.
LORE-MASTER TRAIT LINES
PETA would probably not approve of this trait line.
Lore-masters have a lot of options when picking a trait set. Line purists will be highly-specialized at specific roles, while those who go for utility and mix and match from different lines will be more well-rounded.
The Keeper of Animals line beefs up animal companions significantly. The individual traits improve either the animals themselves, the companion-based buffs or the curative and other buff skills. If you want to be a better healer and have combat-grade cures, use traits from this line. The capstone legendary trait, Nature-Friend, grants the skill Friend of Nature, which allows the Lore-master to summon a bog-lurker companion - arguably the strongest animal companion available to the class. It also grants the skill Combat Summoning, which allows the Lore-master to summon a companion in combat - useful if the animal companion falls during a fight or if the Lore-master needs to swap out one companion for a different one.
The Master of Nature's Fury line jacks up the Lore-master's tactical DPS, particularly beefing up fire-based skills. This comes at a cost to the duration of Blinding Flash. The individual traits affect attack skills, upping damage, reducing power costs and increasing the heals from the Sign of Battle skillls. The capstone legendary trait, Improved Sticky Gourd, improves the Sticky Gourd skill, creating an area-effect damage zone when the gourd is tossed. This is a good trait line for soloing or running in the Ettenmoors, but not so good for running with groups where the mezzes from Blinding Flash are a higher priority.
The Ancient Master line is the debuffing and crowd-controlling line. The line bonuses increase the number of Dead affected by Bane Flare, make the root effect from Cracked Earth apply sooner, and add new mob types to the creatures affected by Warding Lore skills. The individual traits affect mainly buffing, debuffing and crowd-control skills, extending duration, increasing max targets and lowering resistances. The capstone legendary trait, Force of Will, improves Sign of Power: See All Ends, increasing the duration and magnitude of the buffs, and also increases the duration of Fire-lore, Frost-lore, Sign of Power: Command and Ancient Craft.
Playing mix-n-match also has its advantages. Proof Against All Ills is a good trait to have for any occasion, and Master of the Staff is good for when situations devolve from a gentlemanly ranged fight to a melee. Inductionless Blinding Flash is likewise invaluable, as it can help prevent mobs from rushing up to the group and getting caught in area-effect attacks, thus rendering the mez irrelevant. A good mix-and-match set will play to the strengths of the player, making him better at what he does.
Tactical classes generally all follow the same guidelines for selecting virtues: Will and Fate first, then Vitality, then the rest of it. Lore-masters are no exception.
Wisdom is the obvious first choice: +30 Will, a nice boost to non-combat power regeneration and some handy wound resistance. Idealism is also an excellent choice: +30 Fate, +8 Will, +1014 Fear Resist Rating. These ones are no-brainers.
Empathy is also good for tactical classes (+15 Fate, +450 Armour Value, +609 Fear Resist Rating), as is Confidence (+15 Will, +2029 Fear Resist Rating, +202.5 non-Combat Power Regen). It seems like all the Virtues that jack up Will and Fate also jack up Fear Resist Rating, so be prepared to stand tall while others cower around you.
Being the massively squishy class that the Lore-master is, it will pay to increase Vitality. Loyalty is a good choice - +30 Vitality, +62 Max Power, +150 Armor Value. Loyalty is a trait that is good for pretty much every class.
Once you start getting good gear at high levels and can afford to trade out some Will and Fate, it's time to slap some patches on the weaker areas. Swap out Empathy or Confidence and look at increasing defence, morale or power: Innocence os a good defensive trait (+1000 melee defence rating, +1014 Poison Resist Rating, +230 Shadow Defence), Valour gives a good boost to morale and Honesty provides a good boost to base power.