With very hard work and dedicated, knowledgeable staff, you could create a close-to-historically accurate MUD.
The offset of this would be the same as any other niche-stylistic MUD(like a pure-PvP MUD or RPI); the playerbase would likely be small.
The problem with having a small playerbase in a historical MUD is that it will kill a lot of the "en mass" potential of the MUD. Hard to have a playerbase of serfs being loarded over by warring factions, if you don't have more than 15-20 people logged on at a time.
I will also say that I think niche games are very important, and sometimes the best MUDs around - for their purpose. As long as you can overcome the mechanical and roleplay problems of having a small playerbase, then I'm sure dedication will eventually help you achieve your goal.
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