Starting with patch 1.62, the /level command was available to player who had reached level 50 on one of their character.
It gave players an instant level 20 and some basic gear.

What I suggest instead is a /reborn command that would be available to players who have reached level 50, and which could only be used on that level 50 character.

I am inspired by the reborn system available in t4c. (the 4th Coming) In that game, you can be reborn in order to receive a small edge for PvE and PvP: instead of starting with stats from 10-24 you start anew with all base stats at 25.

If you use /reborn in Uthgard, you would have your character come back to level 5 or 20 or 30 (to keep the class you had).
You would have the possibility to change the appearance of your character once.
You would have bonuses for the reborn character.

Each time you are reborn you could chose one of 10 bonuses (not cumulative):
1- +5-10% RP bonus
2- +1-5% all resists
3- +10-20 starting stats
4- Name Change
5- 1 Space in last name
6- Race Change
7- Special title
8- Hearthstone
9- +5% exp bonus per level from lvl 40 to 50 (up to +50% exp at lvl 49)
10- (only available at the 7th reborn on the same character) Mount

The goal is to make people able to PvE again with the same class at lower levels, to increase the economic value of lower level items, to make min-maxers happy, to reward dedicated Uthgard players.

The 10th bonus is available after the 7th reborn so that people who do not want to change race or name can still get the Mount.
People can also just reborn once for a 5% RP bonus.

It is an alternative to /level or master level.

Rewards could be adjusted to make them more relevant to the time spent (1-5% all resists for example)