I don't think a wipe is going to help in the long run. What problem that is causing low population is wiping going to address? People who are hardcore players will play and get to the top again. People who are more casual might quit or they might play again for a little while and get angry at being forced to re-do all the work they put in.
Most of the problems really stem from the player base itself. There is extensive knowledge of the game and most of the people on here were hardcore players back in the day. Euros and North Americans being on one server also has an impact. All of these things are extremly unbalancing as content is completed super quickly.
New content like epics and more likely Velious might bring back some players. If people are tired of doing the same content making them repeat it over again isn't going to bring numbers back.
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60 Wixxor - Atmas
60 Paladin - Opmeter
54 Rogue - Ories
Some other toons
Formerly of TZ
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