I think T-Bagging should have some impact.
The player who T-Bags gets 100 glimmer deducted per dip over a dead player.
The receiving player get 10 points and 1 blue engram per 100 glimmer deducted from the t-bagger, up to a maximum of 50 points and 5 blue engrams.
When someone Tbags you, you'll be like "[i]Saweeet!!![/i]" as you see those engrams pop into your inventory.
It's boostability is limited by having a 5 dip cap, and a cost of 500 glimmer to the tbagger. Once the player is out of glimmer, the bonuses no longer get transferred to the t-bagging victim.
Maybe have a cap on t-bag gifting per game. Have it disabled in rumble. Maybe 5 engrams max per player per game?
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Bungie disagrees but I do not. I give not two turtle -blam!-s how much they support it; it is a degenerating gesture to perform and it should never be done over competitive multiplayer. Especially one that is balanced as much as a libra with al the weight on one side.