I think most likely it would be a new character situation, at the least in terms of story and whatnot. Basically this will be a K.I.S.S. setting (Jon will get it but, Keep It Simple, Stupid) just traditional D&D setting like Forgotten Realms. I will post the excerpt from the DMG. Basically it would be using this small sector of the world as the map and setting and the town as the starting focus. Maybe later just drop the town onto the Forgotten Realms setting when it's out. Sorry for the formatting it copied weird and I am lazy right now about editing. Page 197-198 in DMG if you want to look but try not to spoil it by reading more. Also I would like to get on vent if possible tonight at like 530ish and chat together.
Fallcrest stands amid the Moon Hills at the falls of the
Nentir River. Here travelers and traders using the old
King’s Road that runs north and south, the dwarven
Trade Road from the east, and the river all meet. The
surrounding ridges shelter several small valleys where
farmers and woodsfolk live; few are more than six or
seven miles from the town. In general the people outside
Fallcrest’s walls earn their living by farming or
keeping livestock, and the people inside the walls are
artisans, laborers, or merchants. People with no other
prospects can make a hard living as porters, carrying
cargo from the Lower Quays to the Upper Quays (or
vice versa).
Fallcrest imports finished goods from the larger
cities downriver and ironwork from the dwarf town
of Hammerfast, and exports timber, leather, fruit,
and grain. It also trades with the nearby town of Winterhaven.
The surrounding hills hold several marble
quarries that once produced a good deal of stone, but
the area has little demand for ornamental stone these
days, and only a few stonecutters still practice their
trade.
Fallcrest
A small town built from the ruins of a larger city, Fallcrest is
the crossroads of the Nentir Vale.
Population: 1,350; another 900 or so live in the countryside
within a few miles of the town. The people of Fallcrest are
mostly humans, halflings, and dwarves. No dragonborn or
eladrin are permanent residents, but travelers of all races
pass through on occasion.
Government: The human noble Faren Markelhay is the Lord
Warden (hereditary lord) of the town. He is in charge of
the town’s justice, defense, and laws. The Lord Warden
appoints a town council to look after routine commerce
and public projects.
Defense: The Fallcrest Guard numbers sixty warriors (see
the accompanying statistics block), who also serve as
constables. Moonstone Keep is their barracks. The Lord
Warden can call up 350 militia at need.
Inns: Nentir Inn; Silver Unicorn. The Silver Unicorn is pricier
and offers better service; the Nentir Inn sees a more
interesting clientele.
Taverns: Blue Moon
Fallcrest’s Story
Up until four centuries or so ago, the Moon Hills and
the surrounding Nentir Vale were thinly settled borderlands,
home to quarrelsome human hill-chieftains
and remote realms of nonhumans such as dwarves
and elves. Giants, minotaurs, orcs, ogres, and goblins
plagued the area. Ruins such as those on the Gray
Downs or the ring-forts atop the Old Hills date back
to these days, as do stories of the hero Vendar and the
dragon of the Nentir.
With the rise of the empire of Nerath to the
south, human settlers began to move up the Nentir,
establishing towns such as Fastormel, Harkenwold,
and Winterhaven. A Nerathan hero named Aranda
Markelhay obtained a charter to build a keep at the
portage of the Nentir Falls. She raised a simple tower
at the site of Moonstone Keep three hundred ten years
ago, and under its protection the town of Fallcrest
began to grow.
Over the next two centuries, Fallcrest grew into a
small and prosperous city. It was a natural crossroads
for trade, and the Markelhays ruled it well. When
the empire of Nerath began to crumble about a century
ago, Fallcrest continued to flourish—for a time.
Ninety years ago, a fierce horde of orcs known as the
Bloodspears descended from the Stonemarch and
swept over the vale. Fallcrest’s army was defeated in a
rash attempt to halt the Bloodspears out on Gardbury
Downs. The Bloodspears burned and pillaged Fallcrest
and went on to wreak havoc all across the Nentir
Vale.
In the decades since the Bloodspear War, Fallcrest
has struggled to reestablish itself. The town is a
shadow of the former city; little trade passes up and
down the river these days. The countryside for scores
of miles around is dotted with abandoned homesteads
and manors from the days of Nerath. Once again the
Nentir Vale is a thinly settled borderland where few
folk live. This is a place in need of a few heroes.