I think you should name the bag, "Notayak".
I think NPC/PvP attacking mechanics should be left alone.
I also think that new armors and weapons shouldn't be introduced into the game unless its something like a dragon sword. That being said, I would not mind if there was some sort of Bounty Hunter reward of an weapon 'upgrade', which when used with another item, would be upgraded, until it degrades, then turn to dust and disappear. For example:
Player gets 'Whip Upgrade' from a Bounty PK
Player uses 'Whip Upgrade' on Abyssal Whip
Player now has 'Abyssal Whip (u)' which has 10 Hours of use
Player uses 'Abyssal Whip (u)' for 10 hours, and 'Abyssal Whip (u)' disapears
Thus, creating an item sink (this can be done on many weapons, not just abyssal whips), creating something 'new' everyone wants while keeping the 'Old School' feel.
15-Jan-2014 06:49:00