Crazy synchronicity, in my FFZ notes today I was just writing up how to translate the "Save Point" idea into PnP play. Basic points:
"Save Point" = Home Base: That inn your characters sleep at, or that temple where you can go to get raised by the friendly priest: these are "save points." In FFZ, you go here to switch party members, or heal your wounds, or otherwise be revitalized. In this way, you can say that "save points" already exist: as long as one person makes it out of the dungeon alive, the rest of the party can be resurrected.
Metagame: Save Points preserve continuity of characters: FFZ is a gloriously narrative game in most respects, so it is important to have characters who are basically "immune to death." Save points enable that.
But...they don't turn back the clock...: Unlike in a CRPG, FFZ's "save points" don't undo the last hour or so of gameplay you've done. Your characters are alive, and they have all the knoweldge that they gained since their last visit to this place. Likewise, the enemy that killed you may have gained knowledge about you: he can respond, change tactics, move away entirely, send assassins, or otherwise react to what you just did.
Verisimilitude: Exclusivity and High Magic: FFZ's "Save Points" have a role in the world. Most common people can't afford to bother with them (and have little use for them, since their lives aren't particularly dangerous). Thus, there isn't a problem with random bakers being effectively immortal.
Trump Cards: In order to keep assassination plots and the like relevant, there has to be a few things that bypass Save Points, though they can be unabashedly narrative in structure:
#1: Special "Death" effects that truly kill the victims; only people who are not linked to a Save Point can generate these effects (leaves a pool of dangerous assassins).
#2: Necromancy. Anything that animates the undead strips out your soul (Necromancers are creepy)
#3: Fate. When your time is up, it is up, and nothing can stop it.
#4: Choice. You can choose to sacrifice your life for a greater cause. You can't be raised after this.
#5: Special areas called "Jagd" that bypass this resurrection.
0 HP is KO, not Death: It's HARD to die in FFZ. You don't just die from hit point loss (though you may fail).
The Save Point can be Threatened: If your enemies break your crystal, you can't be raised. You need to make sure your Save Point is secure, and that usually means locating it far away from the enemy stronghold.
Most D&D games have fairly easy resurrection, especially at higher levels, so dealing with a "save point" isn't really different than dealing with a special auto-resurrection at a given location. It's not a dramatically different mechanic.