Mentor level basically lets you lower your level down so that you aren't "outleveled" for prior content. You can go as high as your current level minus 5, so if you're 53, the highest you can be is 48. For that quest, you just need to mentor down then unmentor back up, and it completes it if I remember right; it's just there to show you how to use the system.
The main reason people do it is because certain quests require the target enemy/rift/zone event/boss to "grant xp," meaning you need to be mentored down if you're too high (usually, being a maximum of 7 levels above something is as high as you can go and still get xp, so if a level 24 mob is part of your quest, and you need it to grant xp, you can be as high as level 31 and it will count. There's a couple exceptions to the 7-level thing, but that's not usually important. Some people also will mentor down to play with a friend on an alt, or if one person doesnt have patron in a group so is leveling slower, etc., or just to experience the zones "as intended."
As far as making your level higher than your real level, that's called sidekicking (same menu, right click character), but it requires you to be grouped with someone higher level than you, then you'll level up to either match their level, or the maximum sidekick level for the zone.
And yes, this is the proper forum for newbie questions. If discord is your thing, you may want to consider joining the unofficial community Heroes of Telara discord -- https://discord.gg/4w3wPeV -- , as the forums are not as active as they once were, and there are people there who will answer questions most of the time.
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