I agree that it was awesome to be able to hunt down a Jedi in SWG, but I don't think that it will work in Rifts. First, it worked in SWG because of the lore and also because Jedi were an alpha class. In Rift, there is no alpha class, everyone is on an even keel if you will. With that said, on normal PvE servers, pvp will be consensual, and getting hunted just doesn't fit with that model. It could work on a PvP server I guess, but now the lore is missing (i.e. why is this guy being hunted?)
What I could see is a consensual list that gives the server permission to flag you for this type of engagement. You give the server permission to put you on a random list, and as someone goes to the "board", they can pick from a few different bounties. In order to do that though, there would have to be a reverse reward for the hunted, should he/she beat the hunter. But I agree, I do miss those days of SWG. They quite a few cool unique features.
Gaage - Cleric of Karma's Reprisal