It's about making incremental gains. Basically, set your slider to probably half (in the Awakening Area) and awaken maybe every time you gain 10% (stats) from what it was last Awakening. This will make quicker awakenings but the growth is steady. As for items, most are trash at the low tiers. I would say hold onto anything that lets you 1-shot people in the area you are working on the highest level (eternal foundry 1 for me, 2 isn't sustainable).
Also, buy the item filter and when you go away, filter anything not mythical. Also buy the auto combine. The unique area items need to be destroyed to level 100 so you get the bonus