I understand there is a want for this, but why would you need some form of memorial made by SQE to remember the players you lose?
Why not get creative and put up a armor stand dummy, pose it up in the deceased favorite glamour?
You could build up a shrine with candles and candlestands, even the guestbook like some one else mentioned is a great idea!

A memorial is what you make it, it means the world to you, but nothing to others..
I would also like to stand still and consider what the deceased would think of this, as it is not a topic you would think to discuss.
I sure wouldn't want my character's face plastered on the wall to be memorialized in my FC,
it is not something I am comfortable with.