nicholasjh wrote:My main question is that if you were a level 8 peasant are you;
1: Peasant lvl 8, plus new class levels,
2: New class lvl 8
3: new class lvl 1
The answer is #2, you keep your current level. Note, however this would not be equivalent to starting your character with that class at level 1. This is because your chance of gaining hits is a function of your class (and a Peasant is not that great).
nicholasjh wrote:Also, at what peasant level does it become really risky to to join the guild?
Actually, it is always risky and the higher your level the greater the risk. However if you use portal gems, you can eliminate the risk (note that is really a bit of a cheat, although I confess that I have used them to get a Kobold Samurai). There will also come a point at which you can no longer succeed at all (and portal gems will not help you). This point depends on the guild that you are joining. Generally I wouldn't go past your teens (and only go that high if you plan on using the gems)