I have 125 quests completed. There may be more, I'm not sure.
It's possible to reach level 70 and beyond. Just use 'Ancient Knowledge' Wanderer scrolls (they give +50% experience for 5 battles). Have the raven you got from the lighthouse on the first island (the +2 intellect artifact you can talk to) copy it over and over for 5 crystals each time. If you're still short near the end you can always do those 1,000,000 gold battles (Tiny the giant dwarf, Alarnia tavern) several times with your leftover money.
The Hideout of the Dragon on Merlassar is part of one of the Valkyries' level 5 quests. When they reach level 4, talk to them and ask them what's wrong and they'll give you a quest. Upon completion they'll be level 5.
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