Late to the party, but can't you just repackage everything, then structure it around the story journal? Like, part of me feels many of you just don't want to bring it back "as it was" because it had "worse quality", but it's fine, moar people loved it nonetheless, don't let some shitty signpost memes devalue the development achievements from back then. I'm dead serious here.
I made this a while ago: https://wiki.guildwars2.com/wiki/User:Lon-ami/Living_World_Season_1 I think an approach like this would do just fine. For example, the solution I proposed for some of the world bosses there years ago is pretty much the modern take for Dragonstorm, so I'd say you'd be fine server-side with sharding and such.
For most of the "open world stuff in core zones", either take the side stories approach, or clone maps, then recreate the events there. For example, Flame and Frost, you can take the Cragstead map file (Which includes half of Wayfarer Foothills and half of Diessa Plateau), then build a new series of events aroud it, starting with the steam vents, and followed by the Molten Alliance attacks.
I feel like the biggest mistake of LW1 was using the live versions of zones for the events (the living world approach), when you should have duplicated the zones instead. Like, have Kessex Hills (original), intact in its 2012 iteration, then have Kessex Hills (Toxic Alliance) where the centaurs are gone, and the toxic alliance has taken over; then you can play all 3 originals releases there on a 3h loop, (1) take the outside, (2) enter the tower, then finally (3) the tower is destroyed and you clean the outside. The second Kessex Hills would be accessed through a different layer on the world map, with the original taking precedence.
Other MMOs can't represent the same zone in different moments of time, since they follow a classic "open world" approach (whereas GW2 has loading screens for every zone) so I feel like you're wasting a great opportunity there. Going into Cantha, it would be great to revisit the same zone after specific events; for example, Raisu Palace could work as a city hub, then later in the expansion it gets attacked and we return to a copy of the zone, where it's a warzone and everything is destroyed. You can use this approach to represent different seasons (same zone in spring then in winter) and different game modes (echovald pve, echovald pvp) too.
Nonetheless, LW1 was pretty good for most of its run, so don't let the bad press drag you down. If you were to get obssessed over "what could have gone better", you'd have to redo the whole game lmao; opening a dangerous precedent too, by the way. LW1, if it ever returns, should respect the original as much as possible.