I think if you can PK a GM while you yourself are not GM, then you deserve to keep that which you have taken. The 'thieves' need not be the code - the GM you stole it from will come knocking soon enough.
Alternatively, if one manages to obtain equipment via political means whilst not yet GM, then all the more reason - i.e. you're wielding sufficient power to gain equipment by ordering to have someone killed and their equipment brought to you. Once again, RP and conflict in-game will be reward enough.
The only caveat or 'con' would be low-hours - I'd not want the thieves to ignore such folks entirely. Maybe an increased hours requirement in the dehoarding phase to encourage being online with such precious equipment? So coded thieves are more likely find you the less you're online, and the more high level equipment you have...
Who knows... this kind of beneficial carrot might help some Champion characters over that last hurdle and make their first GM. *innocent*