Not everything is about new stuff. I think there'd be lots of loyal players if you gave it the feeling of the old days. And instead of working on new things to add to the world, you could put that energy into making the world close to how it was when the world started (but probably with a little more stuff)...and every so often, add back on the stuff that was ALREADY made. See how easy that is? It simulates updates... you just give people the feeling of having things "released" all over again. At least the things that made things good that is and didn't cause problems. This time around you'd have room for perfecting things or bringing it closer to perfection... and in between these "fake" updates, you could make some new things of your own. I think you would have lots of loyal players if you would just give it that old feeling. And I'm sure lots of new players would like that feeling of seeing how it was for the old players when G2k1 started. Also, I don't think keeping it classic is the answer. Though everyone has to pay for Graal at least once now to play and save, there's still lots of jerks in that pay-once community just like there was in the free community. These people are often the ones that didn't even pay and had someone give them an account/subscription. They usually just disrupt gameplay. The p2p community has always been more enjoyable IMO (though it does get worse over time...it's still always better then the non-p2p community). This is just a generalization BTW, I'm not saying EVERY non-paying play is bad and every paying player is good or better than each of the non-paying ones.
Also, as for RPing, maybe it shouldn't be pushed too much on G2k1, but be pushed more on GK. RPing on G2k1 could maybe be mostly for events with kingdoms... And then the base of the game can be the economy. While on GK, RPing could be fixed there... eventually x.x
Edit: Here's another idea for balance: periodical resets. Economies on Graal servers are known to last only so long. They all seem to usually die out for one reason or another. Diablo II (no,it's not an MMORPG) has a similar solution for it's economy in its ladder system that came out with it's latest update. Maybe G2k1 can just say it'll be reset every (however long you expect the economy to last)...1 year? 1.5 years? 2 years? I think 2 years is ideal. Let's throw a party on G2k1's 10th reset. I know I'll still be playing Graal then
(What'll the year be? 2024, no need to calculate the time the server would be done and ready to start, it could be ready this year)