It also wouldn't be random. You would still select your own weapons, the difference would be you would only have a certain pool to choose from. A map might have for example two fully loaded m16's, two mp5, four sigs, two ak's, and a small amount of other weapons. You would still choose which of those weapons you wanted. If somebody happened to beat you to it they would get that weapon for like 3 rounds, but after that you would have priority. What this means is that even if they try to take it again, you can 'steal' it back from them because they already had their turn with it. This would promote players to practice with a variety of weapons. Everybody would still have their own personal favorites and would try to take those but the players who spent a little time and got somewhat familiar with a few other weapons would be much better off than those who can ONLY use one weapon.
As far as TK's go that has me a little worried too. I've had somebody turn around and shoot me with a shotgun because "you were following too close to me". This is like 5 seconds into the game mind you, on Sicily, when there really aren't many paths to choose from for the first few seconds. I think though that it will be handled like most TK situations. If somebody does it once or twice everyone get's mad, if they keep doing it everyone get's even. Also once I can get a few more people to help out with the IHL we will all have a place to play where we don't need to worry about morons like that.
I think you misunderstood about the loadouts. They wouldn't be set loadouts, just set weapons and items. When a map starts you wouldn't select from a list of loadouts, you would put together your own loadout from a pool of available weapons and items. Essentially you would build your loadouts on the fly as needed for the situation. The difference with this is the pool of items you have to choose from is the same as the rest of the team. If there are 3 mp5's, 3 people can add an mp5 to their loadout and after that they are all out, nobody else can select one (note that this is where the priority would come in, so that the people who didn't get it these rounds have priority for the next rounds).
The first come first serve system isn't a problem at all. The people on slower computers may not get what they want for the first few rounds of a map, but since they didn't get the item this time they get priority for that weapon the next round. So halfway through the map the people with slower systems get the "first choice" and you don't end up with a system where slower systems are at a disadvantage. All that would happen with this is the faster systems get the weapons they want the first half of the map, the slower systems get what they want the second half.