@machofantastico: You'll be able to pass a bill to unlock the Cheat Shop in the next chapter, I think. That brings up an NPC at the home base who will let you manipulate percentages for EXP, Mana, and HL, so you've got that to look forward to.
Some tips for when I've wanted to get some levels early on in other games (dunno how viable this is in Disgaea 5 as I still haven't gotten my copy yet (Thanks NISA Online store)): go to a level your strongest character can handle well and take off their weapon, throw enemies at each other to have them combine and add their levels together, and then stack some weaker people on top of your strong character in order to kill the souped up enemies with tower attacks. The whole tower can gain EXP and class mastery this way.
If you delve into Item World for whatever reason, keep an eye out for an Invincibility panel for you to stand on. It does just as it says and it'll let you go nuts without any worry.
Also, if you want to do something mindnumbingly boring, get a whoooole bunch of Unopened Sodas from the item shop. Using one gives you 1/8 of a level, so go to 1-1, stand behind the portal and pop open a ton of them and you can level a character that way. I ended up using this method to unlock all the humanoid classes in the demo. I really don't recommend this as getting levels will be pretty easy for you soon, but the option is there if you're truly desperate.
About reincarnation. You'll only really make use of that for end game stuff. It has you start over at level one with some gains to your base stats, and it also resets your Chara World limit. In previous games, it was a little useful while progressing through the story because you could use it to reincarnate a generic class character into their next rank, but now the units just auto-promote. You really don't need to worry about it this early on.
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