So, since it would be near impossible to go over all of SL history... For a SL-based sort of fanfiction, the idea would be to have a sort of 'restart', where the characters are newly introduced and each have their own role.
The canon doesn't even have to be entirely followed. The first SL fanfic would have to set the stage for others, and yes, we should (must imo) do it here on this forum. It is SL after all.
The difference between constructing an individual story and a group project is all about time. Imo, it's a little faster solo, but a fanfic of this nature would be impossible to do solo without stepping on some RP chars.
So, a few general baseline things would have to be set, such as the general setting and all. If we want to create a unified but grouped project, it would be fine to start somewhere backwards, rather than forwards, of the current plot, making our own plot perhaps spin a different tale.
Just imagine how different SL RP would have been if we had known all that we know now at the very beginning. If nothing else, I volunteer to be among one of the first groups. We can make a thread in the VIllage Square section once we gather enough folks.
The most likely thing that we would need to do is settle on a, well, setting. Time, maybe even general place. Are we in the same country, roaming clans? Making our own stories that intertwine here and there? So many questions, so many ideas that could be introduced. Input is appreciated.