Sorry if this is already asked and answered somewhere - search capability on this forum could use some work :>
The way I read the expansions is you add in all cards from the expansion that don't require treachery, then (if you like) spend threat to swap out cards with cards that require treachery. However, if you're playing with several expansions, you're adding quite a few cards to the overlord deck, increasing its overall size, and thus also increasing the length of time required before you reach the end of the deck and are able to steal those yummy 3 conquest tokens. The effect is as follows - 3 cards from Well of Darkness, 6 from Altar of Despair and 4 from Tomb of Ice, for a total increase of 13, or over 1/3 of the original deck size.
Increasing the deck size has two negative impacts on the overlord: 1) Slows the time period for reaching the end of the deck (by up to 6 more turns for the current set of expansions, even more over time); and 2) Dilutes the deck, increasing the time needed to find that "one critical card" the overlord might be counting on to make the hero's lives miserable.
Was this negative impact on the overlord of using expansions the intention? I.e. Using expansions is felt to add some benefit to the overlord through increased variability of the nastiness you can employ, and the heros are therefore cut a break by the impact on the overlord of an increased deck size?
The alternative would be to say there's a fixed limit to the deck size, or at least a "minimum" deck size of the standard deck (36 cards). When beginning the game, the overlord chooses which "standard" cards they want in their deck, ensuring the size is exactly (or at least) 36 cards before swapping any of their cards for treachery cards.
My personal preference would be to go with a minimum size deck rather than a fixed sized deck. If you want to pump your deck to 40 or 49 cards with all the expansions, you can, but if you want to run with a trim deck of the base 36 cards, incorporating your favorite expansion nasties and throwing out standard cards you don't like, then that's ok too.
Is there an official ruling anywhere? Does anyone else play with a trimmed deck, or does everyone just throw in all of the non-treachery overlord cards and live with the longer time to end-of deck?