I would, but I wonder how other people deal with it.
We're using Middle Earth as game world and I have many of the old modules at home for inspiration. We're always starting the PCs at 1st level and usually retire them around levels 13-15. We're not handing out as many magical items as I remember from the modules. But we do hand out a few magical items. And we do use the Treasure Codes from Creatures & Monsters and roll the treasures on the appropriate tables. So magical items can be found.
The PCs of our current group are now 10th level, all have +15 non-magical armor and shields, all have a +20 non-magical or +15 magical weapon, two of four have a *2 Multiplier item, and also two of four have one or two lower level daily items. And they are now on their way to Khazad Dum to sell some loot they have made and to buy new and improved gear. Perhaps this gives an impression of the item power level.