The World Merchant (WM) that is in every major city (Balifor, Kalaman, Palanthas, Solace and (finally) Tarsis) is the best way to get re-geared up after a total loss. That axe you mentioned is in there sometimes as well as other 2-handers that are better and 1 hand combinations that are better too.
Checking the WM often is the key to having decent gear if you aren't able to do a lot of zoning.
If you don't know the stats of most gear, Palanthas and Solace both sell "a Scroll of Legend Lore" in the magic shops and also have the WM so you can easily Lore everything (assuming you have the coins to buy the scrolls). You can do this in other towns as well but those 2 are the easiest for mass WM loring.