Just add the timer imo, making restriction to pk low levels won't work. Anything you can think of has something that someone can abuse. I want to be able to PK a low lvl player if he comes to my pit just to mess with me, or worse, killsteal just to annoy me. I don't want to make another char just so I could kill the bastard.
I know it's harsh but thatswhy there are guilds and stuff. If you really liek the game you will stay and find a way to get stronger to revenge, that is how all of us did it. Lets not make this like WoW. Lvling made 300% times easier, epics are not epic anymore cause you can get all epic gear in a few hours, everything costs 500% less. One of the reasons I quit wow-too easy. So don't change the PK aspect of the game, this is what makes DR the game it is. If it is done, most estonians won't be playing anyway(not a threat or anything, a fact)
Many posts before I could make mine but I will post it anyway