Controling player is immune from getting attacked by Pirates (Money can't be put down against.)
Pirates aren't the only aspect of the game influenced by the bounty. I vote a definite 'No!' on this part.
Personally, I'm not a fan of the idea. I think there are probably easier ways to encourage battles for specific planets than making a mess of the pirate mechanics. And really, unless you're just screwing around with the AI or some newbie who has no chance of winning anyway, how often do you actually get a chance to take down the pirate homeworld in the first place?
Besides, how would this work on maps with several pirate bases? Any multistar map with active pirates is likely to have one base near each star.