At the moment we don’t know.
Originally they were going with the full 1.12 set, with r14 weapons and epic gear and everything.
This linked quote from their updated content rollout thread implies they might hold off on this till BWL phase 3 patch and use the original weaker blue set for phase 2 due to current power levels.
Your CP per HK is subject to the diminishing returns rule. Within a 24 hour period you will only get credit for 10 HKs against a given player, as follows: ( Updated to the new 1.12 Patch)
Also this is going to be pretty important for Phase 2 to know.