Yes, you will be missing out on lore and the experience of seeing the world if you only do dungeons. Try to enjoy the questing and leveling experience while you can. Although, if you do decide to skip questing you won't miss it: you can always go back and complete low level quests when you reach level cap. I did exactly that to complete my Loremaster achievement.
If you already have a high level character or a friend willing to give you gold then you can purchase Heirloom items. These items are bound to account and are accessible through the Heirlooms tab using Shift+P. The benefits of these Heirloom items is that they scale with your level keeping your gear up to date without you having to worry about upgrades, and they provide a significant XP bonus.
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Before you begin, you must decide on whether or not to enable War Mode. War Mode makes it so that you will only see other players with War Mode enabled, which also enables PvP activity. Note that if you are in a party with someone not on War Mode while you are, you will be unable to see him or her. War Mode provides an experience buff as well as the enabling of three PvP talents that will greatly increase your power. Regardless of whether or not you enable War Mode, your objectives will remain the same in that you must complete all quest content to unlock flying later on and many of your War Campaign and Allied Race requirements. War Mode enables 10% bonus experience, 10% better rewards from World Quests, and allows for the gathering of Conquest points which can be used to buy gear. If you do play on War Mode, it is recommended to play with friends. Leveling without War Mode will not be significantly more time consuming.
The leveling experience for the Burning Crusade and Wrath of the Lich King levels of 60 to 80 has been greatly reduced from 6,689,030 XP to 4,412,600 XP which is a reduction of 34%. This has been a notoriously lengthy leveling section, and this reduction will be very noticeable and appreciated by those players leveling new characters such as those allied races! 
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