It would give my idea "Paramedics" a purpose. I do not think just any player should be able to revive another player. A 24 hour death ban is suitable to me because it gives a much more realistic effect and it makes the game all the more addicting. It makes players play much more carefully. Not only that but if they do go with this idea, like I said there should be an "after life" in which players can explore and chat with other dead people.
Police officers should be harder to kill, thus if a police officer kills a thug their friend cannot just come save them. It should be someone who's a paramedic and chooses weather or not they should. Only the police officer should be able to "revive" criminals by putting them into jail.
This creates a much more unbiased effect on the server, of choosing who lives or dies with the greater good choosing who does or doesn't.
Besides if you're being looted you should have most of your wealthy possessions at home. Also if a police officer kills them they can take the loot back and give it to the person who lost it.