Generally speaking, it seems that the short route -> bank AP -> respec is best when trying to be competitive early on and also in raiding. If you go the short route and don't respec, you will eventually lose out versus going the long route. I am still not sure how fast AP gain is going to be and whether, if we decide to go straight for a long route, we will be able to acquire enough AP to make sure we get A2A before raids drop.
Ilvl > Everything, always. Unless the difference between ilvl is minuscule (maybe 1-2?), then you can look at what trait it is buffing. Otherwise, always go for ilvl, even if it buffs a useless trait.