I love this idea. I recently started over on Argo because I had max characters on my main server. Restarting has been a blast, and I'd love to see a new server where everyone is on a level playing field.
There was a time when I'd be the guy competing to be the first to cap, but life had kept me busy. I only have a few hours per week to play now, but the concept it great.
I would not limit the server to "vets" only, but I would make it like Risia. Make you have to download a client or something before you play on it, so new players can decide for themselves.