It would depend on how much control over it I would have. Weapons would cost in-game currency that you get for killing people, put a member cap on squads, vanity items would cost real money, include a leaderboard for each weapon and objective for whatever planets you guys have, highest bounty, most kills, most experience etc.

That is how the server should be done. Cut out most of the PvE content or give PvP bigger incentives to do it than PvE. Remove the pet system, include hats for reaching certain milestones or doing something first etc.