No. Not all of us can fly snubs, and quite a few of us enjoy flying caps. We've got just as much right to enjoy the game as you do, and if you think it's fine to alienate an entire playerbase just because you are under the delusion that caps are the exclusive source of lolwuts, and because you can't handle a few of them on the server, you can go take that holier than thou attitude and shove it. Preferably in a place far out of sight so you can formulate a better outlook that doesn't involve wrongfully making the game inaccessible for a lot of people just because of a few.
Penalties for dying in caps, will only make things worse by A) make people take dying even more personally and cause MUCH more bad blood on the server, B) make disco a second job, and C) will drive players away.
After that, you can go notice all the lolwuts and the trolls that have been flying in snubs the whole time, and perhaps more that have been driven from caps, in your depopulated server. Hell, you could even impliment the same stupid idea on snubs so that everyone will fly around in hegemons, since they're so well balanced against each other.