1 Rope, 6 Air runes, 6 Earth runes, and 6 Water runes. Key Steps:
Find in the Tree Gnome Village dungeon to unlock Glarial's Tomb. The Waterfall
Enter the tomb (bring no weapons or armor!) to get . 1 Rope, 6 Air runes, 6 Earth runes, and 6 Water runes
Talk to near the Baxtorian Falls (north of Baxtorian Outpost). 6 Air runes
Return to the waterfall with the amulet and runes to complete the quest at the Chalice of Eternity. [Quick Guide] Waterfall quest
Use the raft to reach the island and then use your rope on a rock to reach the waterfall.
None, though being at least level 15 Hitpoints is recommended to survive aggressive enemies.