I def can see such version and I can see it being the best and most fun iteration of Elite and its multiplayer aspects. I bet majority of people don't consider unrestricted pvp as some defining aspect of Elite, quite the contrary. Unrestricted pvp is just a victim simulator for anyone who doesn't fly a ship build for pvp. On the other hand, I can't imagine "adjustments" to crime and punishment system that are so sewere it'd keep people wanting to pvp and gank from pvping and ganking. Which would not be sensical anyway.
and any such modes would either break immersion alot or open for griefers to abuse the system, despite not being able to shoot you.... as collisions are a thing that still can be abused. and if we remove colliosions, then we will have spaceships going through other spaceships, so we will either end up with no collisions between players, but we still have collisions with NPC ships... so that can then be abused... and if we remove all collisions, then we remove a perfectly good tactic in combat to ram NPC ships...
I can see how a C&P system can be used to severely reduce the unwanted PvP, while making the players who decides to ignore this to face the consequences...
Some game have implemented that if I open fire on you, I do severely reduced damage, until you decide to shoot back. then we both do full damage. This should work pretty well in Elite too, if I can do 1% of my damage, when I start shooting you, then I need to spend quite alot of time to destroy your ship. And if I keep on firing on you despite you not shooting back, despite the game is warning me about what is about to happen if I keep doing this, and then you die, now the game spawns a persistent ATR squad on my tail that will hunt and discourage me from flying in the area (like 10-20 LY range), for a certain amount of time. like a week. Now I cannot stay in the current system to gank other unwilling players, as I would be constantly chased/attacked by the ATR squad, thus severely limiting my ability hunt other unwilling players.
it will not stop ganking, and everyone can still shoot at everyone else, as they please, but killing an unwilling victim is now much harder, and it will in almost all cases allow players to leave, and if the other player do not get the hint that the other player is not interested in PvP and follows to interdict again, then the other player can use block, exist to menu to switch game mode, etc, to remove the wannabe ganker from their play session....
There have also been made other suggestions regarding C&P system to be connected to the security status of the system, add more persistent ATR response squadrons to chase wanted players, and this could be Federation wide, Alliance Wide or Empire wide, making it much more dangerous to sit and wait for victims in systems you are wanted in... There have been suggestions that also would allow the game to spawn Capital Ships to a system, based on the amount of killed players, ie killed players who have report crimes on, and thus increasing the security rating of the system. This will allow the game respond to situations when players repeatedly get ganked in systems with no population, like Guardian sites. so the more people gank other people the higher the security will be, and the faster and more severe the ATR response in such system can be, and we tune this half decent, this system would react to player behaviour, making the most obvious ganking hotspots today having faster response against ganker, making it harder to keep ganking. And if we would combine this with a system with reduced damage if you do not fire back, then it would be pretty hard to keep on ganking, as the ganker now need to take in account that multiple ATR ships will arrive and if they cannot kill their victim fast enough then they have to run to save their own ship...
So there are plenty of things that can be done using existing game mechanics and changing a few others, that combined will discourage ganking. So bullies can still try to gank , but they now have to face the consequences of their actions, and if the balance is half decent, they will be spending more time dealing with that than on ganking...