My understanding of the turns/years thing is vague, but I believe that M2TW characters live as many turns as in RTW. The problem is that is a lot of turns - arguably too long for a PBM. The reigning player might get exhausted and everyone else may get be bored waiting. Hence the move from full reigns to 20 turns in RTW PBMs.
Having different players sequentially take on the role as the same king does weaken the role-playing aspect a bit but is not a killer. However, it might be a little problem for a "Will of the Senate" type game, where each player is permanently with a particular character. In that situation, you would have to "ignore" the fact that another character is the king (as we ignore the "faction leader" trait in the Will of the Senate game). You'd could say he was the king, but some other noble was the real power behind the throne (not uncommon in Medieval Europe). Or you might just pretend he's not really the King, as we might have to if we go with a HRE PBM with elected Emperors.
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