lvl 34 PoE is manageable as a 33, if you have a good team with you.
i got my first EL as a 33 doing PoE 34. I saved that EL for my alt who would next run 34, so the damage reduction penalty didn't exist. after my alt ran it and got the EL, I used it on my last alt, and got another EL which i used on my 33 who first ran 34. that way, you're only underleveled once.
this is assuming that you have 1 exotic helm ascended, and bought the PoE gauntlets and chest for each char....
Enjoyed the run last night! Can't believe we rolled through it so fast.