Rainbow
Criminal Scum
I'll give a direct example from my save for an idea about the legendary skills thing.
So, I have 1H at 100 and my main weapon is Dragonbane, smithed to legendary. With all 5 Armsman perks, it deals 103 damage. After resetting my 1H to 15, I lost all of my perks invested in the tree, and the skill is truly set to 15, not 101 or so. So now my sword only does 37 damage. It gives you back your invested perks though, so I now have 10 perks to spend in any other skill tree that I need.
Can't say much about how it reduces the level cap though, since I'm only level 43.
So, I have 1H at 100 and my main weapon is Dragonbane, smithed to legendary. With all 5 Armsman perks, it deals 103 damage. After resetting my 1H to 15, I lost all of my perks invested in the tree, and the skill is truly set to 15, not 101 or so. So now my sword only does 37 damage. It gives you back your invested perks though, so I now have 10 perks to spend in any other skill tree that I need.
Can't say much about how it reduces the level cap though, since I'm only level 43.