The God item creation quests still work so yes it is possible to make the items like Megingjard.
How the components are given by the castle's treasure boxes was recently changed so we're still waiting to see what that will look like going forward.
On Chaos at least there seems to be three main alliances which still participate in WoE 1&2 and I think most of them would be welcoming to a new recruit. Seems to be KhaosKingdom, Union, and Je' Taime are the main ones holding castles these days.
For characters not needing as much gear your best bet is a support class like Shadow Chaser, Maestro/Wanderer, Geneticist, or Arch Bishop, but if you want to be a killer then making a GX with just Enforcer Shoes and a KVM weapon will let you kill a lot more people than you'd expect.