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If i am right,
the 2 lower level characters get double the reputation gained than the highest. Ergo if youre getting 75 rep per game on your lvl 3 warlock, your lvl 2 hunter would get 150.

I was leveling 2 characters more or less in parallel. I'd do a day's worth of bounties on 1, switch to the other, do a day's worth with them, repeat each day. Didn't notice any difference in the rate they each leveled up. I got them both to 3, then crunched with my Warlock to get him to 5.

In order for the double-xp bonus to kick in, the lower-level character must be BELOW the upper-level one (in actual levels - so halfway through 3 counts the same as just starting 3, but 80 xp shy of 3 is a level below 3 exactly) and ABOVE 1 (that is, the double xp doesn't kick in until you're at least level 2). So if you'd focused on one to hit 3, THEN started the second one, you'd have spent much less time playing to reach those levels. (I didn't touch my Hunter until Thursday, and she was level 5 by Saturday morning.)

need to get my 2nd and 3rd to rank 3. My main is <100 away from rank 4. I'm guessing that if it do 4 bounties on my main, i should hit 5 pretty quick, then i can work on the secondary characters.

My main is a 33, only question is deciding what armor i want to ascend. Right now i just have my CE boots ascended. I figured since they gave heavy ammo, and there aren't any exotic warlock boots, that it made sense to ascend them first.