I don't find that pessimistic at all, Vesuveus. It's very true, none of us can put the same amount of work into the story and live events as the original Monolith team. That wouldn't be a realistic goal.
What we could do, though, is make the fewer events we have bring more impact to the storyline, as Metalogic already suggested. In a way that half of them are not just following some guy around while he talks for an hour, like it used to be back in SOE's day. That would save us time and effort.
And of course, I believe that screenshots of archives would be necessary, so that people who missed them can still follow around. Varying the time period of the events, also, so it isn't always the same people who can attend, while the others are always working or sleeping.