If I choose to pursue an armor or weapon "path" does this screw me over for changing my mind later?
For example: as a newbie, I choose to craft the Cobalt set rather than follow the Wolver craze that seems to dominate the realm. Then later I realize that the T3+ Cobalt-equivalent gear is not to my liking and I would rather follow, say, the Demo path how difficult is it to do this?
Is there really that much of a difference between end-game sets that I need to be worried?
Well I'm not a tier 3 person and I don't have five star equipment (and wont for a long time if ever), but the thing about this game is even if you make bad item choices, you can usually make them work. So if you don't like your cobalt tier 3 equipment but you already made it, just go run tier 2 a couple of times since you should be pretty strong then. You can gain money with relative ease and work on finding the recipes you need to make a change.