What does Returning the Lost Satchel reward?

Returning the Lost Satchel gives Featherbead Bracers, Savannah Bracers outright, a choice of Featherbead Bracers, Savannah Bracers, 2,950 experience.

Where does Returning the Lost Satchel start?

It was picked up in Thunder Bluff.

Its level has not been recorded yet; it shows once a player accepts it with the addon running.

No. The quest exists in Classic Era as well.

World of Warcraft: Forever · quest

A quest in World of Warcraft: Forever in Thunder Bluff and turned in to Rahauro. Recorded by 4 players running the addon.

Level, giver and objectives show once a player with the addon accepts the quest.

Item	Given	Item level	Vendor sell
Featherbead Bracers	outright	18	2s 15c
Savannah Bracers	outright	18	2s 69c
Featherbead Bracers	as a choice	18	2s 15c
Savannah Bracers	as a choice	18	2s 69c

What does Returning the Lost Satchel reward?: Returning the Lost Satchel gives Featherbead Bracers, Savannah Bracers outright, a choice of Featherbead Bracers, Savannah Bracers, 2,950 experience.
Where does Returning the Lost Satchel start?: It was picked up in Thunder Bluff.
What level is Returning the Lost Satchel?: Its level has not been recorded yet; it shows once a player accepts it with the addon running.
Is Returning the Lost Satchel new in WoW Forever?: No. The quest exists in Classic Era as well.

Source: what players running the addon saw in the quest windows; the quest text itself stays in the game. Every quest seen · Thunder Bluff