Of course, if you want to play renowned knights or high lords it's up to you. Just know that with increased power comes increased pressure and risk. And again your characters have to have some kind of grounding in a story that would fit in the universe. You can have up to four characters, and this is so that we have a wide scope in the game. 

If anyone has any questions about any of the information feel free to ask and if you have any suggestions feel even more free.