Hmm for a moment I thought "hmm, sounds interesting" but the more I read, the less I enjoyed it. Firstly: Big NO! for the teleports. Don't even think about it on this server, ppl will never accept it, neither will I.
Spawn armour: Acceptable, but I don't think it will help the server in any way. As Scott said, giving everyone spawn armour will delete the advantage of having armour. Buying spawn armour for 100k or more is even worse - another thing to make newbie's life more difficult, cause only regulars would be able to afford it.
Pickups: I can't well state it, it's just my personal feeling about this - I don't like it.