If you want to pit a war memorial type area into UO, go right ahead... Place one in Trammel and one in Felucca, have the same names on each. Problem solved. Everyone's loved ones get the same respect regardless of the viewing player's status.
However: Cal - I think you radically misinterpreted what the playerbase was asking for. While a 'memorial' is an interesting idea, the only thing people have asked for is to be able to use a statue engraving tool on the tombstones we get as loot - not to engrave the tombstones in a graveyard.
Honestly, a shard-wide memorial for deceased players, or the real-life loved ones of players, will be a nightmare to administrate on your end. Will you require a death certificate? An obituary? If not, what’s to stop someone from scamming the system?
Also, not to seem insensitive, but if you do go ahead with the memorial idea you should really limit it to deceased players only...
The optimal solution is to allow US the ability to engrave looted tombstones and display them in our homes as our own memorial. Sure, someone could engrave something abhorrent on a stone - but it would require that we mouse over it to see it. Apply the same rules as obscenities in books and names and punish the offenders as appropriate. This solution cuts down on Mythic’s workload and leaves any memorials in the player’s hands