I do not think it would last. No matter how much someone likes pvp, it would get old, and I feel initial interest may come to a halt. Also, with clear differences in gear, high level players/boxers would likely spend a large amount of time mopping up with new players. Even at the same level, there would obviously be a significant difference.
That said, there are not many if any decent custom servers available. Therefore, with coherent, well-thought content almost anything would have potential of success. My personal opinion is that a combination of PvE and PvP with loads of custom content and features to present a player a new take on pvp is the way to go. A few other servers have attempted this and even offered more than what a player would expect. However, none are around today.
Also, on the zone control and exclusive rights aspect, it isn't difficult to code a little something to make it more flexible for players. Even within the current framework, there are much better ways to control who can enter a zone without the use of guards. I think any use of guards in that situation would have to involve a role-playing/pvp quality aspect.
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