Hello
I think a good idea is to do it like Minecraft realms. You pay for one server a month for a low price. And you and youre friends can PvP against each other or do what you like.
CUSTOM SERVERS
They have a mega thread in the discussion page about the upcoming private server update. Its basically what you described.
Only difference is that there will be no progression. No gold, no rep, no commendation completions.
It'll be just the game, who you invite, and you guys to play all you want.
SIDE NOTE I think the events are also blocked but I might be mistaken on that.
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