The D2:ED section of the game will get you up to about level 35 (I finished it on level 37); completing FoV will get you to about level 45.
You can certainly create a viable build with a high vitality (that helps with your healing rate, since regeneration is percentage based, as well as your maximum hit points).
Playing a ranger, once I got my vitality up to 14 (excluding equipment bonuses) I had enough hit points that I didn't need to heal very much, except in tougher fights. I could have boosted it more, but didn't have to (equipment bonuses and enchantments kept improving my hit points as I progressed). For a warrior build I'd probably want a bit more vitality; in the original release of D2:ED I got it up to 20 and quit boosting it for awhile, then for a tough fight (trying to take out opponents a few levels higher, in a location that was suppose to be done much later) put another 10 points in.
As you level, just distribute stat points based on what you need the most. Once you're not sure where you should put all your points, maybe start keeping a few in reserve (so you can adjust your build to changing situations, or compensate for changing equipment and loosing certain bonuses, etc).
