One other option regarding story continuity would be just to have new players ignore all the 2.0 storyline. It would still be there, but they are just coming in as new adventurers at this point in the story. Basically how 2.0 players cannot ever go back and experience 1.0. Quests to unlock all current dungeons would need to be added, but this way the new player wouldn't have a couple hundred hours of story quests to do to get caught up.