I only have one comment, the rest I agree with. If they are well-known, it means their core is top notch and their work ethic, community management, advertising, business practices, etc are top notch too.
Assuming they were to start anew with a different core, it would mean they would have to first fix the core, in its entirety, else they'd lose their players. It all sounds quite a bit speculative and extremely superficial to me.
The best way to keep the authenticity is to upgrade, as opposed to downgrade. Making an IL core working on new client is better than making a new chronicle "play like IL", just like "downgrading" your favourite newer BMW car, say a 2024 X5, to a look like/resemble an older version, say the 2008 variant, won't make it drive nor sound anything like the original you are aiming for, unless you completely take its insides out and rebuild them from scratch. While it will probably run much more smoothly, people who love the older version and cannot stand the newer versions, such as the IL-loving community, would never be happy and outright refuse to get taken on a ride.
It is a bit counter-intuitive, I know. But people are who they are, especially the IL community. Too stubborn to get outside of their comfort zone, I suppose. Not shaming anyone here, just expressing an opinion.
In any case, now you can #start_hating.