The insides of diablo 2?

[Taishi88]

You wont lose any items, but once you choose to play the character in LOD, I believe, you cannot then play that characted in classic D2.  And don't expect your gear from D2 to get you to the same position in LOD.  Because of changes in monster resists and immunities, you may not be doing as much damage as you were, or you may be taking more than you were, so you may need to aquire new gear despite not loosing any of it.
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Thanks for the info