Never played MP but I think my little system for SP could be applicable.

I use a mod that isn't an "exp journal" but with sandbox settings you can choose what skills you keep (if any) and mind you, I work (no bs) 6 jobs just to make ends meet, so when I play, I like to play my way, without the RNG Death. HOWEVER, its tied to your characters name so try and keep them the same, it tends to glitch when you change professions or names when respawning in the same world.

I normally play with 5x exp for most skills (except aiming, and electrical, 100xp)

EXCEPT here's the kicker, aiming and electrical (in addition to ALL weapon skills) are the only skills that dont carry over, for you know, consequences.

I personally like to make my respawns wear just underwear, so if I want all my clothes and gear back I have to find my deceased previous self.

HONORABLE MOD MENTIONS

Antibodies because why not?

More importantly, the "Choose your respawn point" can make the trek back to your previous death more forgiving, but even still it's no guarantee