Dude, just think about it, like deeply.
Like you said, she could move to other cities, she'll most likely keep the kid right? Making it a major pain in the ass seeing you son/daughter. She'll most likely have a boyfriend at some point in her life that will act and be more of a father to your child than yourself. As many mentioned, she could also ask for child support, which is okay as being responsible of your kid, but in your context, that's a whole other story man.
That's my opinion, but if you want to experience being a father in life, you gotta be there for your child, like a lot. I don't even have a kid and honestly I don't even plan to with my GF yet and I'm 27, it's something you gotta be ready to invest yourself into. That stuff she's asking you sound like a trap on which she'll have full control and your experience of being a father will be absolute shit, it's a bet I wouldn't take.
EDIT..should have read the last page before going crazy.
This thread is the smelling salt of my life, thanks GAF. Seems like my initial reaction when I rejected this idea was correct, bringing a child into this world without a solid foundation would be messing up their life as well as me being on the hook for alimony. Yeah I can't bring a child into this world so cold-hearted, like we were getting a pet or something (props to whoever said that). When I do decide to have children, I want to have them with someone I love, and not with a friend I just care for. She does have a lot of options, it's true and I would be on the hook for so many things. I just wanted to plug the void in her life (no pun intended) because I do care for her after knowing her for so many years.
Oh man, I almost lost my damn mind considering going along with this.
You did right.
EDIT 2: What the hell is that from in that post below? LOL