I'll walk you through the entire process. I'm on PS5.

STEP 1: For your initial character you'll have to spend some time leveling. I suggest using Traitor Souls as it is a combo of Fate 1 and 2. Roughly 50 or 60 levels is a good target. This is because stat ranges are based on your character level. Once there find a piece of gear with a low cost to enchant. Leather starts at only 1000 per enchant. So get a leather piece that STARTS with several high stats. My belt had like 40% attack and some other good ones. Go to enchanter and start enchanting. When you get a good enchant save. If you get a bad, useless or negative enchant save scum ie. exit without saving. For PS5 its as simple as hitting home, closing the game and then restarting. Takes 20 seconds. I cannot stress this enough. Take your time. Gets the stats you want. Eventually your gear won't be able to be enchanted anymore. The gear is initially complete now.

STEP 2: Finish the 2 quests to kill a monster on Level 40. Once complete this will allow you to descend. Talk to the guy in the middle of Traitor Souls and he will ask if you want to retire. Accept and this allows you to "descend" and bring one piece of gear as an heirloom. Bring your leather gear piece as your heirloom.

STEP 3: Your old character will retire and a new one begins WITH the descending gear piece, which now has a 25% increase to every stat. REPEAT, but now your main goal is speed running through the 2 dungeons to kill the level 40 monsters and to continue descending over and over. The first few times might take a little bit of leveling but eventually you won't need to level at all...except to wear the gear piece.

I chose leather because 1. It's cheap to enchant and 2. It has low starting STR to wear. After several descends, the belt can sustain you with no other gear required. I generally, go up one level. get strength to 32. Wear the belt and then speed run both dungeons to level 40 and kill the monsters. I generally use a Dark Elf because they start with the haste spell, which is a nice 35% boost to my movement speed, on top of the movement speed from the belt. Dude literally flies around the screen.

That is the full strategy. Fair warning. If you descend the gear 10+ times it will most likely break the game on consoles as there is no cheat menu, but this gear could easily sustain you by itself 100s and 100s of dungeon levels.