By the time a lower lvl player is able to collect enough GFRWs ( Giant Field Rat Whiskers ), he is by that time in need of better armor or can afford by that time to buy better armor.
The boots stats arent that great sure, but keep in mind they are intended for the low level players. The quests can be fun and lower level players can gain decent experience while doing it. Though I am somewhat embarassed to be wearing these at 40, they are magic boots, which allow me to kick those ever so annoying invulnerable to non magic willowisps and ghouls and so on. For an easy to do quest if you are 5 and above, these are great no drop items, which is an added bonus for pvp.