I say sure, why not, except for this one issue:

I'd be pretty pissed if I wanted my free death warp but was in an area where the enemies are too weak to kill me.

So either add a suicide option, or make it so EXP loss is eliminated only in the case of being raised/reraised, not when going to home point.

I know from Monstrosity that I'd rather not be frustrated by the injustice of not being able to instantly leave the area I'm in because the enemies can't kill me.