You could make the downed player a new player datablock, where you can't move or jump or jet or anything. The energy bar shows time until death. Scripting for the game could have it so that when health = 0, instead of death, last stand mode. give them, for example, 1min to be revived. Sounds like a good idea.
BTW, this mod would be Blockland's mod, NOT COD5, they are similar, no connection should be made. This is Blockland, not COD5