definitely....2 accounts....2 characters each wear cloaks of death... cross healing loop....every hour or so you would need to reload bandies.
but listen since when has Broadsword really cared about unattended bank sitting??? Characters stand in luna most days wearing death cloaks training healing.
Resurrecting a ghost is quite effective in raising Spirituality. I was able to reach Knight of Spirituality in only 35 minutes by casting the Resurrection spell repeatedly (with 120 med/focus and 10 mana regen). I would assume it would be even faster if using bandages, because you don't have to worry about mana.
Also the shield lasts a long time. Whether you're Seeker, Follower or Knight, it will take 1000 points of damage to break the shield. It might be easy to do that much damage against monsters, but not against a player with all 70s resists. It will take 29 Armor Ignores to break the shield...
I guess you could say it's not overpowered because everybody has access to it (except for murderers), but I would prefer not being forced into farming Spirituality in order to compete in pvp.