MU-wise, I dunno how much Lord + Ladies a WoT game would really have. WoT was never really the "prince played by Jensen Ackles is a badass swordsman" sort of thing. The badasses are the Warders and the scant few other blademasters around. And the "ladies" never really did much...unless they happened to also be Aes Sedai (and the princes who were badass went off to be warders). Supporting a real L+L type of thing would put a heavy burden on the STs, I think.
(Yeah, yeah, there's the game of houses stuff. And there is, in theory, political intrigue and shit, but how many people are going to want to be doing that, opposed to doing channeling/blademaster/darkfriend/etc type shit?)
I know some people would probably hate it, but I feel like for the health of the game, it'd be best to start in a centralized area and require people to have a common hook. Like, for example, the game's grid is Tar Valon. Everybody is an Aes Sedai, a Warder, a novice/trainee one of those, a city guard, a merchant in town, an innkeeper, whatever. With Tar Valon, you have pretty handy excuses to do most varieties of things.
"There's rumors of an angreal somewhere, send some folks to go get it."
"People in Illian are being dumb, we need to send some Aes Sedai to council them."
"Trollocs have been sighted, send some Aes Sedai..."
Etc.
People can make nobles from Cairhien and Arad Domani and Illian if they want, but they need a reason to be at Tar Valon.
Or do like..Tar Valon and one other specific city. Maybe during an aiel/trolloc war or something to give people a reason to be there.
If you let people randomly app characters from every different country doing whatever they want, it seems like it wouldn't go anywhere.
Probably can't do only TV because then it's hard to fit in male channellers.
IDK, just some thoughts after reading Ark's post.