You know, everyone likes to hate on the inconsistencies and general nonexistent worldbuilding in the generations before G4 (lookin at u g2 and g3) but I personally LOVE the G3 universe and would use something similar! If anyone's familiar with the "pink void" in 2000s Disney Princess merchandise, I like to think of G3 the same way. Random magic portal in the waterfall, or those butterflies that just show up sometimes, or the way that, to my knowledge, all of the G3 ponies are girls, with no babies and no guys?? (unless you count spike and Santa)* They just... exist? I think its kind of hilarious. I love that kind of ludicrous, nonsense type of vibe. Nothing is explained. Time doesn't exist. Who even knows whats going on lol
For designs I LOVE how a lot of artists redrew the main 6 from MLPFIM into completely different races of ponies!! Like fluttershy being a breezie and rarity a crystal pony and such. I think I would make a small core cast where everyone is different.
But I wouldn't include humans! I hate humans in a pony universe lol I think it makes a weird dynamic. I think they should just exist on their own.
I also agree that a 80s fantasy aesthetic would do WONDERS for the overall look! Don't get me wrong I love G4 as well, but G3 and G1 had this fantasy, almost acid-trip rainbow vibe, you know? It always looked dreamy in every scene.
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So yeah if I was in charge of things it would be very art-based, heavy on design instead of explaining the world or the history. Not that I want to make it void of meaning, but I wouldn't try and scrounge up a lesson for every 20 minutes of content. Probably stick to movies, or long episodes honestly.
*(I would include more than just girl ponies, to be clear)