It takes away from the game when players can just create new characters to get all their tools.... Here are my ideas.

Bound Items = Bad idea
1. It's not realistic
2. I can't let my tribe mates or friends borrow them
3. Not storing takes away my inventory space

Timer = Not the best idea
1. What if you aren't happy with something? Better to re-roll sooner than later.

My solution:
Starter tools that are flagged "starter tool" for the first 24 hours of their existence.
If the tool's original owner is deleted, then the flagged tool also gets deleted or degrades very quickly.
It doesn't matter where the tool is or who has it, if the character goes, so does the tool.

One may argue that this does not solve the problem of people ganking new players to take their tools.
Well, that problem is a seperate issue altogether, and should be left up to an alignment system or organized player governance to solve.
Or you can view my idea fora solution here:
http://www.xsyon.com/forum/showthrea...w-Palyer-Ganks

Also, I don't know what solution is best when compared to the reality of programming. I would assume a timer is easiest.