I can see your point. Personally I do think of sparring as a training exercise. I do it to improve my skills, it is not a goal in itself.
Being a traditionalist "full contact" to me would be no rules and no protective gear, someting you can`t do in class because it leads to hospitalizing people.
We typically in sparring, don't have a ref so much as folks keeping things on the periphery from getting broken ( The mirrored wall has been taken out once or twice), but we use sparring gear, for what good it does. We allow things to go from punch/kick into grappling so rules are sketchy anyway. The one bit of advice I can offer is be mindful of the headgear you choose, theres an older type with a metal bridge that "protects" the nose, and twice someone has been hit there and the metal support caved in, one time with a double nosebleed, the other a broken nose.