Well for starters what was outlined wouldn't fix a darn thing. People will level, beat Maat and then proceed directly to leeching just like normal. Heck, leeching wasn't really viable until after you beat Maat anyway because you'd constantly be stumbling over limit breaks.

The OP also has the audacity to suggest that their solution wouldn't kill/nerf anything...and then proceeds to suggest that FoV(and presumably GoV) exp be abolished. Because that totally isn't nerfing something, right? It's actively degrading one of the better quality of life changes SE actually decided to offer us. Even if we take them at face value and assume that they omitted GoV from this nerf intentionally, they'd still be back at square one as everyone will just do GoV burns.

Then there's the problem of population. The entire premise hinges on there being large numbers of disgruntled veterans(not new players) who are willing to drop all social ties with their current server and relocate to this new one just so they can relive 2005 or whatever. That's a heck of commitment to undertake. It also doesn't account for the fact that people change. There would inevitably be people who grew tired of trying to recreate a bygone era and leave to return to actual FFXI, as the nostalgia fails to provide for all of their gaming needs. The server would begin with a frighteningly small population and only dwindle from there until it housed only a handful of zealous idealists. The cost in resources to bring this about would not justify what might laughably be referred to as the "benefits".

The OP's idea only really works in the context of private servers customized for a specific user-base. However, FFXI private servers are not a reality, so everything proposed here would be a colossal waste of resources.