My understanding of the official purpose of the ghost period is to get yourself back to a position where you can be of some use once you are material again. And to make it easier to re-start your life. To that end the outfit command was added for post-level 11 characters.

Also, code was put in to make sure that ghosts no longer use their immunity to aid still fighting characters.

Given all that, I suggest making it such that when you die and appear at your pit, your stats are all restored to 100%. Hp, Mana and Mvs. I suggest this for several reasons. First, much as we all enjoy the logs of people dying to their fiery rings when they loot their own corpses, it's really not something I think we need to keep. Second, and more important, most people need the ghost time to get things. And to get things usually means fighting mobs. And now they are fighting without their usual equ, instead using the (better than nothing and I'm very happy you put it in, Valg) bare bones stuff you get from the guild. That means they are weaker than usual and need to be at full strength to do things they might otherwise be able to do when at less health or mana.

I don't see a downside to giving a ghost an immediate restore upon death, letting them make use of the ghost period right from the get-go. They can't help others anymore, and they have a much larger world to cover in order to get new equ than in the old days. And for those that have low cons, it really takes time to regen up to full after dying, especially if you try to run back to your corpse and therefore don't sleep up at first.

For what it's worth.