Here you go.
http://cloud.prohosting.com/~talone/...a.htm#examples
Level Haste Cap
30 50%
50 74%
54 84%
59 94%
60 100%
So going by your example and using the
Cloak of Flames and the period I played EQ, it clearly stated that
Level for Effect: 35. I'm sure they've changed a ton of stuff right now, and I'm sure I've most likely missed out on a handful of game updates, but it does seem like they did change the way haste is handled now in the game. After all, there are about 14 expansions since the release of EQ and I'm sure a lot has changed.

Most of the items I see dropping now make me freakin laugh my ass off - it's surreal.
So yeah, you're right.

The required level for a haste item does impact the percentage of haste you get until you meet the item requirements.
Do we even know how haste is implemented in the emulator? Is it how I initially thought or is it the latter?