Random idea: Alternate G4 continuity

So as I write or draw (for business or pleasure) my mind sometimes comes up with all these random ideas that I think would make for good stories and projects. So here's one my brain came up with all on its own last night:

I'm assuming at least some of us know how the company IDW took G1 Transformers, with the iconic characters with their personalities, mannerisms and characterizations (at least for those who had them, seeing as the original G1, both cartoon and the Marvel Comics storyline, was quite lacking in the characterization department in favor of quantity over quality) intact and put them in an alternate, overall better fleshed-out setting. So, wouldn't that work for G4 My Little Pony too?

I make no pretense that the end of G4 was very... Well I wouldn't say bad, but it wasn't great. Season 7 I feel is where the show hit its highest point (aside from the ending) and after that and the movie it took a nosedive with the storyline (stand-alone episodes were fine as far as I'm concerned, though anything relating to the School of Friendship was just not my cup of tea). Frankly, season 8 being about the search for the pillars as originally intended would have been awesome, but, you know; toy-sales over storytelling.

So I had the random idea if you took the characters we all know and love, keep the core of their characters intact (personalities, mannerisms, habits, and maintain this consistently) and put them in an alternate continuity whose entire focus is story over toy-sales. No inexplicable dumping of things on our laps like "by the way, Twilight has a brother whom she never mentioned", "Twilight had a babysitter who's inexplicably an alicorn despite it being established there only being Celestia and Luna". You know, pretty important traits that might work to be established a bit instead of just accepting it right off the bat.

G4, while a great show, it had problems: The world-building was very choked; like how all those other pony societies came to be (Saddle Arabia, Rockhoof's home region, the bayou, etc.), the different species and how things like two pony demi-gods controlling the celestial bodies affected their society. The show, I feel, just didn't give them enough weight (especially the kirins!) Hence IDW's comic tie-ins, at least from my view, gave much more justice to the deer, the yaks, the Abyssinians, etc.

So if IDW could take a toy-driven show and comic like G1 Transformers, something with wildly inconsistent writing and lack of character depth (at least on the cartoon's part) and make it into something deeper, more consistent and overall just fleshed-out with much more connective tissue, wouldn't that work for My Little Pony as well?

Now bear in mind; this doesn't mean I'm going to start work on something like this: I have enough on my plate as is. Sure, maybe if I had a team to work on it, artists, writers, editors (to which I'd personally love to work on the writing and editing); I could legitimately see this materializing as maybe a webcomic.