Bought the UL80 bundle through Steam. Steam shows that the CD Key was used successfully, but it would not work in the game. I also had a free level 50 option available from one of the expansion packs. Created the character and it spawned at level 53 with level 50 green gear. My Steam and AoC accounts are linked.
Funcom could not find the UL80 CD Key associated with the account. I was informed about this via “petition” and they asked me to provide the CD Key. Not a problem as I had the saved email and it was easy to find on my Steam account.
During this process I noticed that the CD Key sent to my email and the CD Key being shown on my Steam account where different. I had originally tried to register the email provided key on my AoC account and got the “not found or already been used” message.
Had a wild thought and logged into my AoC account via the Funcom website. Entered the Key as it was shown on the Steam account, under Manage CD keys. It is now working properly. I do not know it was a problem with Steam not communicating with Funcom or if it was a glitch because of the free level 50 option.
My suggestion going forward is to use your level 50 option if you have one before trying to make a level 80 character. Once this is done, make sure to register the CD Key, as shown on your Steam account, via your AoC account page.
I hope this helps someone.