This may just be me, but i think that your items should come back to the pit BEFORE you loose ghost. Its pretty rediculous if a ninja or thief can just come blackjack your or strangle you while your naked and just take all of your things from the pit. If you happen to die in an area, such as the forsaken lands, where you cannot enter to get your corpse, you have hardly any other option, but to wait at the pit or go attempt to get more things. And with some classes this is nearly impossible to achieve alone at the lower ranks.
The Pit
death is FL's way of telling you that ya ****ed up. it is supposed to be a punishment.
Just log off after dieing and come back in time to fully heal and get your things while you are still a ghost. Figure out the time span yourself.
I believe the time is given in the help files.