In Wrath of the Lich King it is item level 226 and requires level 80. In MoP Classic it is item level 200, requires level 80 and sells to vendors for 1c.
Read from the World of Warcraft client build files.
How Heroes' Dreamwalker Spaulders Compares
Who It Suits
Leather is the armor type Demon Hunter, Druid, Monk and Rogue wear. With Agility or Intellect, Heroes' Dreamwalker Spaulders suits Assassination, Outlaw and Subtlety Rogue; Brewmaster, Mistweaver and Windwalker Monk; Balance, Feral, Guardian and Restoration Druid; Havoc, Vengeance and Devourer Demon Hunter.
Transmog Sets
Heroes' Dreamwalker Spaulders is part of the transmog set Heroes' Dreamwalker Battlegear (Druid only). The other 16 pieces:
Items Numbered Next to Heroes' Dreamwalker Spaulders
Blizzard numbers items as they are created, so the named items next to ID 39542 (39536 to 39547) were usually added in the same batch as Heroes' Dreamwalker Spaulders: the same quest line, zone, vendor or reward set.