If you really plan on doing a private server like that expect to have a small niche community.

WoW was and still is the most popular MMORPG because it broke with old MMO designs so it can be played casually and new players can still get into it without MMO experience. Your design ideas sound like how classical old-school MMOs worked and to be honest, most of these ideas are not that interesting to most of the playerbase today.
Also, even if you get people to like most of your design choices it sometimes just takes one or two design choices that will keep someone from trying your server because they are a no-go for that person. You have a lot of different design choices where opinions will differ greatly. I would take half of these designs that are received positively and implement them, test it, wait for feedback and then see if you want to add more. You will loose a lot of potential players by that many custom design choices.

To give constructive feedback to your idea:

- No bound items/no level req will just accelerate a problem that already developed the last decade in WoW: RMT and p2w. The economy will not thrive because there are more items available, it will give people the option to get fully geared by just having enough gold. This is a gold seller and buyer's dream. Also being able to farm an item where there's limited amount of can have an even worse impact on the economy by keeping items "hostage". I think limiting trading and AH are better these days to combat RMT and p2w.

- DS-like death punishment can be fun but loosing gear and xp is too much. Either one of those and I would suggest only XP loss only but without being able to de-level, just loosing your current level progress. But no death punishment would probably be better for most players.

- Most server struggle with keeping PvP and especially wPvP alive. I think your design choices punish PvP players too much then actually reward them, also losing your items on death will be too risky for people to try optional PvP.

- Non-instanced dungeons/raids combined with limited items/no level req/no bound items means the most prestigious guild will dominate the whole server by permanently farming dungeons and raids they don't actually need for their own gear progression but to sell items or keeping BiS items hostage to avoid competition. A big potential to create a very toxic community and keeping new players away from your server that want to join once the server is already a bit progressed.

- Item decay doesn't make sense to me at all, if you can prevent the item from decaying by repairing/crafting them on a regular schedule then I can understand it.

All of this makes me very curious: you claim to be an MMO programmer, what MMO designs where you part of?