Guild Wars 2

If I don’t have a personal fractal level at 50 or above and I complete 50+ fractals, will I still have a chance at getting Shard of Crystallized Mists Essence as a drop?

Afaik no. Your personal reward levels limits any fractal rewards (used to be so with the old system, not sure about the new system).

I don’t know, but you can always promote/demote the various Mist Essence types in the Mystic forge from lower/higher tier Essences. For example, you need 5 Globs of Coagulated Mists Essence to create one Shard of Crystallized Mists Essence. The other way round creates 3 Coagulated from 1 Crystallized.

http://wiki.guildwars2.com/wiki/Shard_of_Crystallized_Mists_Essence