[Phil Masters]

The difference between those TLs is ... real but subtle, and plate armour aside, mostly ends up involving non-combat stuff. So if you don't mind not having knights in shining armour - which might even reduce the combat advantage for very rich characters (or to put it another way, save dedicated fighters from having to drop a lot of points in wealth) - and are aiming to focus more on the sticking-swords-in-monsters stuff than on the feudal economics stuff, TL2 would probably be fine. Frankly, a lot of Conanesque fantasy is probably more TL2 than TL3.

Of course, you'd be even less justified in letting TL4 stuff like clocks, telescopes, or big galleons slip in, if your players would worry about that.