There are pros and cons to this idea..
Pros that all previous rups, access abuse cases would be solved, everyone could start at the same point, fix in-game economy, would have time to implement necessary changes(rups drops, bosses drops, crafting, farmed items would have some worth), could go in a different way, not pvp only.
Cons are that many people have already bought items in PHP from donors, there's no way back to this. People would lose their masterpoints..
My suggestion is implemeting reset system, so those who are already max would have what to do again
and this would bring more income because people would need blue orbs and etc again. Just exp should be lower because with blue orb you can get to max in 2 days
it could be manual one as many others do... Not needed automated web reset
As for lving, even with pink orb we could reach max lvl in a week so i wouldnt say it was hard