Well, that's a lotta interest!

Like in the game, I'd imagine at least one of our characters would have the goal of becoming Emperor/Empress of Calradia. The characters they'd meet (Bandit Leaders, Noblemen, Vassals, and other unique travellers) would provide enough of a story if we could do them right. One of the would dislike the players, another would like them, stuff like that. Rivalries and quests abound! 

I'm in an RP currently, and it's like, everyone does one post (unless specified for a conversation break time or something) and then the GM does a world update for each person/group of people. I think it would work well for this sort of RP.

EDIT: The recruitment system needs to change, though. It never made any sense to me that, for a mere 50 bucks a week, your soldiers can have better weapons, armor, training, and horses than you do. Like, what? That stuff costs thousands and thousands of [s]dollars![/s] denars!