Oh, you know I'm going permanent death for my first character. It just has to be. For story-related reasons regarding another character of mine (don't ask; very long story). I'm basically setting up the weakest, but still physically plausible and logical, character I can think of, putting him out in the metaphorical woods, and waiting to see how long it takes for me to fail (or, depending on your point of view, how long I can survive). If I... "win"... whatever that's supposed to mean in a sandbox, I will be very surprised, but I won't be disappointed at all if I die. Escape is just another victory to me, anyways... and I will be doing a lot of running due to the nature of said character.
Besides, when the inevitable happens (and it will, even if I must rule the insanity clause and commit suicide), I'm rolling up an "uber leet pwnz0rz" character to faceroll everything that was giving me problems on the first character, with the advantage of having more knowledge of the game and less out-of-game calculations being made. Win-win, with fun from both routes? Can't argue with that...