Yo, sorry for not replying earlier. Yeah, I'm still interested personally, but I do have a few questions. 

Like, when would this setting take place? Before/during/after the events of the series? Is the series even relevant or will this be more of an alternate timeline/world sorta deal?

Are the canon characters/clans/events a thing or nah?

Which village will this be focused around? 

What kinda power level should we be aiming for? Like for example, let's say we went with option 1. These Genin taking the exams, should they be on par with Naruto and the gang during the Chuunin Exam arc? Or more like the Genin from Boruto? Or even Kakashi and the boys during the war?

What sort of expectations do you have for post pacing or length?
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I'm cool with either setup you listed tbh. No big preference here.