>e.g. $500 USD
I've seen private cheats for games with less-than-terrible anticheats charge that monthly, if not weekly. You're underestimating how much people are willing to pay to play with cheats, and overestimating how much regular people are willing to pay to play against players without them.
Yeah you'll deter legit players with the escrow way before you'll deter cheaters. It's a good thought but probably not going to work.