It would be fun if instead of an alt, I could spend a slow day being a named Monster Hero in a random scripted quest. I would wait in the OOC area as, say, a goblin, and then the next time somebody does a quest with Goblins in it, I'm spawned in, friendly to the NPCs and hostile to all players. After the quest, my character would be deleted. And PvP rules would still apply.
It is a very cool idea but unfortunately far too script intensive and difficult to balance. Maybe one day in a distant future.