IC: Living Shadowdale and the Dalelands.
What might be interesting is to allow one of the players to become the Lord Of Shadowdale. Similar to how Ed Greenwood's first campaign was established. Maybe there is more than one candidate. Who are the pretenders and who is the legitimate Lord to be? Of course, the Zhents may have a potential lord... would the Elves have to approve... and what about Elminster himself? Surely the old mage would have an adventure or two to prove the PC's worthiness.
Sounds like fun! :)