a "Time lock" to change your char once a week is nothin. Playing 7 days (or not playing 7 days) is not much of an issue to make a fresh killing machine. Or running 2 of such accounts, with endless remade chars.
Only chance there would be that reputation is locked on that char slot and starting skills would depend on reputation. Like you start with 150 skill on 0 rep, with minimum (i think 60 is minimum, when you start, the split is dependant on the "race" you play) if you hit -50 on that slot.
That might be working. But only if the reputation is saved on that slot. So you cant just make another char. Surname should be fixed on that slot too.
And "playing a bad char from the start", every char starts the same. There is nothin against a "bad" char there, you can still club dozen of people down and rob them on the street. you wont go below -49. Only way to go lower is -50, and well, even in medieval ages, such thing would mark your as an outlaw everywhere, so i think its absolutely fine, that you cant get above that point anymore.
Adding a way to go around that mechanics, without having to suffer, would do naught against random pvp. Do you really think any random killer out there gives a shit about having to wait a week to remake a char?
Yes, you have to pay to play multiple chars, thats fine for me, since you can da everything with one char anyway, just needs time.
But about money, lets see whats out there in a world.
Things like WoW, where you pay 50€/game/addon. Which would at least means 3 chars i think. Plus a friggn fee of around 10-13€ (paid monthly, 36 for a 3 month abo, 66 for 6 months abo and 120 or so for a year). Quite a while ago, prices may have changed (upwards, not down...)
Then we have stuff like Maestia, which is "free to play".
Lets be honest, without using online shop, your at a severe disadvantage, especially in the upgrade system. i think on upgrade 5/10 on stuff you got like 60% fail chance already. Free to play yes, but with an huge disadvantage.
I'm pretty sure other people could add a real paytowin game here...
So i dont really see why 20€ for first char and 10€ for 2nd char is too much for anybody to afford...
I mean the only way to "destroy" a char is by going -50 reputation, which means just dont go randomly KILL people and your fine.
The point in deleting and remaking a char, is to prevent that reputation or the reputation you've got as a player. If you want to change the job you unlearn stuff while learning others, with the same ratio an "empty" char learns his stuff. So skilling would take as long with a new char, as it would be with a char who is unlearing blacksmithing to learn farming.
So honestly, i dont really see the point in adding a "remake char" system at all... only ones who would really benefit tehre would be people who go around randomly killing, all other will watch for their reputation, or at least use blunt weapons, so they wont kill.