Well, since you can't call any strikes or calls in with radio when you're down (or even when prone), I don't think you could radio for a medic squad (then again, you can spot enemy vehicles while you're wounded, though not sure if that's a bug). Although being able to tell the AI what to do would be very nice, and could be expanded with modding to things like telling the AI you need an MG or AT-filled squad.
Standing up and running at low speed, but losing all your items? Interesting. But I think you're want for life in this game is going a bit far - you're pretty much meant to die in this game.
And besides, as you said that you usually get a vest to help preserve your rare items / weapons. And dropping all those would be rather hypocritical.
Well, anyways, guess I could accept a penalty for suiciding. Although if you died due to the timer running out, then you wouldn't get a penalty, correct?
@Logma
Eh, I was thinking about if an enemy medic revived you, you would join their side (but only for that life). Being in a surrendered state would be just as useless, if not more useless, than being wounded.