Freeservers already exist, If UO wants to go F2P/P2W Then you can't have anywhere near the restrictions people are suggesting.
Why would someone come to play on our servers when they can only have one character, limited skills, limited facets, etc etc etc. The Only Thing I would suggest limiting is Housing because players would be filling up every server with houses and just sitting on them.
These accounts would still be Buying Expansions, Transfers, Sovereigns, Pet bonding potions, etc etc and at least making the game seem full. Chances are if they get HOOKED on the game again they will subscribe for a while to get their house back.
Returning players even now buy both SA and TOL before they've even placed their first house. They sure as hell would be picking up the banking upgrade/character slots without a house.
In regards to Scripters, take a look at the Freeservers, Bump up the Advisors. Code in some Anti AFK Menus to see if a player is still there, hire 1 More GM. GM Rivers is already rocking it, Mind you the game is pretty dead in the summer, but he is johny on the spot.