Wouldn't really work. It would need to be done in several ranks like battlefields otherwise it would be unfair to the lower level players. There are not enough players at lower levels anyway, it would end up being 1 or 2 players in each one farming free moolah.
I guess it would be quite funny to have a level 1 Fire Pit where everyone could relog to a level 1 character. No skills, overpowered gears or titles making it something everyone could get involved in. Maybe I will make something like that at some point