There are a lot of very good ideas about enhancing the game experience, but one but bear in mind the fact that PlaneShift is highly unbalanced in some areas right now, game mechanics still need some tweaking and thinking.
What you're basically saying here is not against the rules, but there's a very fine line between in character and out of character annoyance, especially because the competitive hunting involves some OOC things like average response time from the other player's client (as in he may have a higher ping than you), you may have more specialized shortcuts to do the work, the magic missile can take away the ownership (ownership in itself even!) and the list can go on. Role-play or not, the game, as it stands right now, doesn't allow for much freedom for mean characters, so they are bound to tick someone off very bad OOCly. Possibly with /tell's you can arrange that sort of contest yes, but out of the box it is sure to annoy a lot of folks.
Until the game gets more balanced, this sort of thing is very much dependant on everyone's common sense. And as there is no universal meter to what "common sense" is or what everyone considers to belong in that category, it's a risky move.