No (and please tell, why not)
It would encourage the carry to buy the final item rather than saving the slot for token and keeping as much buyback money as possible.
Even though buybacks are limited, the fact that the main-carry can only have 5 items will still make some games slightly longer.
So simply, my suggestion is the following
Instead of an item "Token of Life" existing, the one who picks up the "item" from the ground will be granted with a buff which lasts 7 minutes (which obviously can't be purged) and has the same effects as the Token of Life now has.
This is my favorite suggestion I've seen in the last two weeks (including my own suggestions).
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having 2 lives in itself is powerful, thats why it takes an item slot. If you could buy an item to bring yourself back to life, you'd buy it and keep in in your slot. What your talking about now is just plain imbalanced.
Offering Mentoring to new players. http://forums.heroesofnewerth.com/showthread.php?p=14856869#post14856869 for details.