Personally, I would wery much like to see everything you described, except for the "unrepresented Warcraft lore". Blizzard have raped the lore enough that I almost had a stroke when heard of the artifact weapons. Please, please, please don't.
They will if:
Your server makes enough money for suing you to be profitable
Your server has enough players, which, if payed the subscription fee, would make enough money *see above*
In addition to the two possible conditions above, your server is located in a country where they have registered their copyrights (unlike, for example, soviet russia).