I think that anything post 1500 is hopeful; I think things would be too complex politicaly to do the era justice. Also I personnally think warfare becomes less apt for the TW style after the medirval period.
What I would like is for them to take RTW as it is, keep the engine, graphics, world map etc but make into another medieval setting. Then spend 2 years fashioning the most intricate, perfect AI and political mechanics ever seen, then spend another 6 months giving the whole thing a graphical once over etc.
Don't see a problem with the RTW engine and graphics, just needs things like supply lines, a complex marriage/family tree sytem (if it was set in the middle ages again) and most of the other things people have said, but the key I reckon would be the AI.
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