I honestly can see it going either way. I didn't mind the player bounty system the couple of times I "tested" the NGE for a week or two, that is about as much of it as I could stand. In fact my main pvp toon was my jedi and I was hated enough for all the deaths i had caused my enemies i had a 100mil bounty placed on me .. it was rather exciting until it was collected lol.
I feel like the concept is a good one, I'm not sure with the lower population currently that it's a good thing. People are going to get mad no matter when they are killed, having a player bounty on you just means you have to be on your toes all the time and can't be lax and be prepared for someone to come for you. But I can see where griefing might occur because with a lower population there are fewer pvpers, which could lead to possible griefing but you do have 8 characters.
The fact you have 8 character options on this server means you can keep a combat character that doesn't pvp so if you don't want to participate that day then play that character. Yeah it's a pain in the ass when a BH comes when you are trying to do something but that is kind of the cost of involving yourself in pvp ... it's a risk. Jedi have the risk daily ...
It looks as if the answer is still yes on this post, so it's a matter of just planning your play accordingly ... if you don't want to be hunted then save a combat character for non pvp activities. That being said .. this is also a possible pvp killer in itself ... those that don't wish to be hunted in this manner will simply play another character who doesn't pvp ... so the possibility of pvping goes away with a lower population.
I never minded being BH'ed on my jedi, however I never really supported the player bounty system in any form, because in live I saw it as a source of repeated griefing. Purposely flagging jedi by "accidently" running into their lair, then putting them in the hole xp wise and attempting to rinse and repeat this, I know many it happened to, I know this happened on other EMU servers but I haven't heard of it here.
I guess i will just have to remain on the fence for this one, i see many angles to it's success and failure and there is no harm in trying it, just remember when you are doing something you deem important on that main character and someone lays the smack down on you, it is what you asked for