for example when you are level 50, the Dev's would let us fill up the exp bar. And simply separate the expertise for BO's from the exp bar, pretty much like it is/was.
If you keep dying repeatedly, simply put you de-level.
At that point, you either earn your experience back so you can get to use your lvl 50 ship/gear. or you stay somewhere in lvl 49 based on how many times you have died.
As far as the point of being "fair". My main character is a Tac, I use escorts myself, I know how much glass our ships are made of. But the point of it is that is the sacrifice we make to be a DPS class, so ultimately, it would force us to learn how to modify our skill-sets and try not to be the agro-whores that tactical escorts tend to be.
Ahh yes, the old EverQuest death penalty: Loss of XP and your level.
"My frozen dairy-based confectionery attracts all the males of the species to the facilities. They all agree on it's superiority. Indeed, it is superior to yours. I could teach you the finer details but that would require monetary recompense on your part." -The Milkshake Song: Vulcan Edition