Oh God no, I don't think anyone really wants that. Maybe a few people. No, players just want some rules in the game, some semblance of fairness when it comes to PvP encounters. And by fairness I don't mean T9's should be able to take out FDL's, not that kind of fairness. No, by fair I mean the risk balance between griefers, player killer, pirates, and innocents must be changed. Drastically. Because the biggest problem with PvP right now in Elite is that the victims take all of the risks while the player killers assume no risk at all. There are no consequences or repercussions for outright murdering other players who are not wanted. THAT is what needs to be addressed and re-balanced, and until it does people will continue to leave open due to the rampant player killing for senseless reasons.
That said though, PvP should be in the main game and readily available, not sequestered away in a private mode only. But commanders who don't want to be murdered left and right should be able to avoid it most of the time, and outright murdering of unwanted players should really be a rare thing due to the laws and mechanics of the game. Note that I am not talking about pirating, the stealing of player cargo is an entirely separate thing from player killing, and pirates should be able to interdict players and steal cargo without having to destroy their victims. Ideally the pirates would not WANT (nor have to) to destroy the victim simply because they want to avoid the harsh murder penalties that the game galaxy should enforce.
just exaggerating here of course, but you get the idea, I hope