Nope - I transferred level 1 toons to each server and their legacies all transferred with them giving me an account wide legacy level of 30. Not that it matters - barely play at all since the transfer.
And here's a screeny for those who are skeptical.
That's really interesting. When I transferred my last character, I specifically remember it mentioning that there was a level limit. Oh well, maybe it says one thing, but allows another?