I think u should be able to relive your companion story when your level 50 for a couple of reasons
1. To undo any mistakes in there story that u made
2. To explore new options and out comes
3. Relive that story again, like a good book or movie
The reason i think it should b done at level 50 is so u cant brake the game by getting a lot of XP and it you'll most likely be done with most all of the story related stuff