On a sober note, this is an absolutely horrible idea and would lead to the death of both servers. Half of the use base would disappear immediately, most of them the casual players. A persistent universe game that is not actually persistent holds very little appeal for the people who take their time leveling. The remaining hardcore freaks would create a community even more concentrated with piss and vinegar.
A more viable alternative is to launch a third, fresh server. That would maintain confidence in the project as a coherent experience while creating the cleansed environment some people are shouting for. There would immediately be cheating and exploitation and the same kinds of people, possibly the exact same individuals, would rapidly dominate the new server.
Have a nice day!
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