I agree in regards to it needing to fit in a 'Trammel life style' in there.
To me one of the main draws to a 'Classic Shard' is it having a player base. I *do* play UO right now, I find working in the Games Industry that I don't really have time to invest into new titles (single or mp) so having a subscription to UO means I can log in and acomplish something and then log out. However I tend to close this account at certain points, primarily those when the game is quieter, the holiday seasons. Which 5 years ago was the opposite, this was when UO was its busiest.
Personally I'd take a shard that had JUST introduced trammel, let both sides of the coin be happy - but let us be happy together and not divided!
I know many will disagree
On another note, perhaps the idea is not create an 'Alternative Shard'. One taking the best of now and best of before. Keep in power scrolls but remove items - keeping Fell hunting alive. Keep in custimzable houses but remove Ish/Malas etc - keep the player base in tighter areas.
Personally i'd love to be sitting around the Developers table right now thrashing this out, although I don't envy the person making the decision!