I read somewhere that you get better loot if your play on a harder difficulty. At LT. do I really need to worry about that sort of thing? Am I just tripping myself up, and slowing my level advancement by playing everything on Elite at this point?
I believe that higher difficulties to do not really go into effect until a certain level (can't remember off the top of my head). But I have found from personal experience that the drops are not worth the time investment. Supposedly, you are 30x more likely to get a very rare drop on elite compared to normal. But the drop rate for a very rare on normal difficulty is something like 0.0001 chance (not exactly sure). So 30x that is 0.003 - still a really small chance.
But really, you don't NEED uber gear to be successful at this game, at least with the PVE content. Especially at lower levels, the common items work pretty well. If you do some of the exploration clusters (Delta Volanis, etc) you can earn badges which can be exchanged for green (uncommon) items.