Entertaining the notion of staying in the current thread for a moment, I feel like if we go with Option #1, in which our IC has just shy of 300 posts ([i]and some of which are really no longer in continuity per se[/i]) then we're going to need some solid summaries in the vein of "last time, on Absolute..." along with a clear (read: hyperlinked) jumping in point for new players. 

"Click here for the Season 2 opening post" or some such. 

Otherwise, I feel like jumping in as a new player in a game with 300 posts would be off-putting. We'd have to build into the marketing what we do to be open/accommodating to new players.

In that vein, regardless of whether a new or old thread, perhaps having each player write up a synopsis of their character, along with their post catalog so that people have links if they want to learn more about Character X.