I really enjoyed reading this post:
Traveller And Dying Before You Play
For what it's worth, back in the day we generally:
- skipped the death roll
- treated the death roll as "injured and left the service"
- fudged the death roll
I'm not sure how much we really did of the whole dying in chargen thing. It seemed odd. It made for a fun way to spend a rainy afternoon, rolling up guys I'd never play. But at the same time I think it had zero effect on our actual rolled up and played characters.