Maybe keep the broad strokes of what has happened? My main concern is A) FFG sitting astride 20 years of history and being expected to honor and contribute to a massive volume of writing they had nothing to do with and, B) new players being told to "Start reading," if they want to know what the heck is going on.
If ever there was a time to start fresh in any way it's now. I think Disney was very smart when they created the "Legends" brand for the old Star Wars EU and I think FFG would be smart to follow suit with L5R.
Keep some of the broad strokes but don't be beholden to details that keeps them from making L5R their own.
Edited by selderane