Let me remind you that this is a game and it is supposed to be fun in the first place. The old relog timer adamantly forced you to stop playing. In fact, it was a 10 minute ban every time you wanted to relog, a punishement. Most retarded feature in FOnline history.
I remember in the last session so many people used fastrelogs, while I was waiting and watching FOnline menu until I was able to connect. One word - frustration. Believe me, it's not easy to be honest in this game, to not use any cheats...
Only thing you achieve with your solution will be punishement for those, who play fair. Cheaters gonna cheat, always. Tens of arguments how it hurts gameplay, but I think people will rather quit because of more restrictions than when you allow them to instantly play this game. When I relog on my farmer, I don't want to wait another 3 minutes due to another ridiculous timer, I wanna grab a gun, armor and go hunting immediately. PvP? Pfff, there always been fastrelogs and always will. It's only bad memory if you don't remember second wave of combat characters...