So... I die once in a game, and just happen to lose my Ring of the Allfather rather than the cheap gauntlets I haven't bothered replacing since I was level 5?
No, this is a poor idea in a game where death is suppose to be a relatively common occurence, especially between two well-matched teams, and the items are expensive and considered part of the character's advancement.
At most make it an option, but I can't see it being popular enough to implement at all.