Am I to understand that magic items get their properties when they are IDENTIFIED and not when they are found? Also, do the properties depend on your character's level, the item's identify level, or both?

If this is the case, a viable strategy for my axe warrior may be to hoard all of those axes in the catacombs until he meets the strength and agillity requirements, then have ONE identified, use it until I am struggling, then identify another...rinse and repeat until I identify Slasher. Is Slasher the best axe in the game?