While I think there's a lot we can agree on here, BD. Principally, I believe we both agree that the story needs to move forward, rather than rebooting back to the original as was suggested in the original post.
Personally, I don't think they need to go as far forward as a 1000 Years of Peace, but moving forward is the key. L5R has a rich, storied history. Don't erase it, don't drown in nostalgia for it, and build the new storyline with a knowledge of what has come before it. I just think you can do that just as easily from where the story is at present (ignoring Onyx), than pushing even farther forward.