I think it would need a lot more than just this. One could look at adding a whole thievery system, with locks being fashionable with different codes by players (or random if left to default) of differing difficulties based on craft level and all that. However, without a much more robust lock system this just becomes a pain that people have to deal with as everyone tries to steal stuff.
Additionally, there would need to be penalties applied via the reputation system, a ton of coding work, and additional stealth mechanics applied (such as clothing made specifically to reduce visibility, reducing the name view distance, etc.) It's a lot of complex work... and probably not something that really fits within the more massive needs of the game at the moment.
Still, it might be something cool for adding in eventually, given all the other things falling into place for it.