I love the ability to quickly match element attributes using ALT-Click -- especially when working with unfamiliar drawings that have inconsistent standards. However, when such drawings are also congested it can be difficult to manage. I find that I must often toggle my level lock to avoid manipulating elements on another level.
My suggestion is to allow the ALT-click command to ignore level lock when locating elements. In this way, the level lock could remain on, allowing the user to work in a more streamlined fashion.
A new user preference settings could determine whether to use the new behavior or the classic behavior.