Actually there should be a game mode like this. Permadeath! You must create a special character just for this game mode. You keep your money and equipment but whenever you die, you are reset back to level 1.
Making it to level 20 would be like Godmode. Every time you go there the majority of the server will be peasants flailing at each other with clubs, and like one guy in chainmail that everyone is trying to kill.
If you get "valor", you don't get reset.