It seems pointless to remove your bracelet the correct way. You simply leave the exiled land anticlimactic if you ask me. You can literally skip all of the steps and just chose the option to recreate your character from the pause menu.
I have a few suggestions to improve the game and be rewarded for completion.
-A level cap increase with your new character
-Access to areas beyond the ‘wall’ and the ability to traverse back and forth freely. Areas with an insane difficulty and the harshest of creatures and npcs.
-New customization options on character creation, maybe a new race? Who wouldn’t want to be a reanimated skeleton or a serpentman.
These are just ideas, criticism is welcome as well as further suggestions and/or additions.