When something dies out, it only starts something new. An idea from me; an RP in Las Pegasus, the plot would more or less revolve around an under-belly place called the Undercloud.
A place for the 'less wealthy' pegasi. And also home to thugs. (In case anyone would like a 'bad' character.) The main attraction would be a stadium where the only the most brutal survive.
Electric fences boxing in the track, pegasi push and shove to come out on top. A truly brutal sport, but for the ponies of the Undercloud, it's the best way to earn bits if you've got the guts, and wits, to survive.
Now, because i don't expect everyone who'd join to like playing as a pegasus, or they just don't like my idea, i suppose your idea could work. I wouldn't have a problem playing it, either.
I think whoever is playing this powerful and evil pony would have the biggest role. And i'd personally like to avoid being that character. I'd like to be a part of this as my first RP on the forum!