well nwn isn't pnp and many PWs don't adhere to the "raise dead is some super rare occurrence that should cost a lot of money".
On a PW, particularly an action server designed for making runs, if you're going to have a super high (compared to default death loss of 50xp per level and 10% of carried gold) penalty, it should probably be noted somewhere. Same with porting to the starting area (porting there with the item you get incurs the same penalty).
Good point. Does the server dump a lot of treasure? If so, then that's probably the rationale for the high cost of dying. Granted, 66% IS HIGH (I had misread the original % you gave AND now that I see its set to 66%, your point makes perfect sense) by any standard.
You also have to consider what the server is trying to emulate. If they have a lot of systems in place that emulate PnP behavior - modified healing skill, XP gain, etc., then the cost of dying will be proportionately higher than any other cost. However, having the cost to port out of a dangerous situation equal the cost of coming back from the dead does seem to be excessive. In the later case, I'd be looking for a system to reward the PC for being smart enough to retreat and reevaluate the encounter.