This topic was discussed heavily before Velious was even released. Personally I was a huge fan of the "Sleeper gets to keep wrecking havoc on Norath repeatedly" plan.
However, from those discussions it seems pretty clear that the devs knew all the options (including your's) and went with perma-death anyway. So, unless the devs have had a change of heart in the last few years, I think there's a snowball's chance in hell of things changing.
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