Most of these things are mistakes you won't make a 2nd time. Cheap light gear that you can easily replace you just easily replace.

Getting too far from where your body is you can fix by using temporary portals to and from your spawn point. You just have to make sure that you set up a portal when you get more than 1/2 a day travel from your previous portal.

Not every player in a multiplayer game needs heavy armor. Your tank is the only person that really needs it. The rest of the group can get by with light armor made from renewable resources (deer hide, troll armor, root armor, fenris armor, and eitr-weave).