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So since Disqus appears to stop large posts I decided to reply to Nim in a post. Hope that is ok.
Concept - Great summary Nim. My only feedback is that i would prefer to keep the genre as Steampunk and that some of the fantastical technology, powered by Flagesium is given form and function by thaumaturgy and alchemy. Most technology can be just that. Technology. Think numbers of population should be very high to lead to the overcrowding sense of these setting as the last Bastion of Mankind.
Locations -Darklands, Delve and Elesium - Out of bounds for the start of the game until both moderators slowly introduce it to players/writers. This to be observed when creating characters and backgrounds. There is enough in Dusk to start I feel.
I see the entrance to the Delve being near the Sprawl. A huge gaping cavernouns opening leading downwards. I see the rail tracks that lead to Steamworks to start inside the Sprawl. Also for the Capital (Paramount) and Centrum maybe something a bit more "steely" for names to go with the heavily industrial setting?
Proposed Game Mechanics
I personally never had much luck with games where people control each others characters. It requires a level of trust between writers/gamers that I have have rarely observed not leading to confrontation. Not everyone can roll with the "punches" and just make the best of the situation.
It will also lead to characters behaving differently depending on what player is controlling them.
Having said that I think your ideas to help achieve balance are very elegant and well fleshed out.
The date thing is indifferent to me tbh. but if we do I would prefer to see something short and to the point.
Things we still need to discuss
What exactly is thaumaturgy? - We need it make it clear this is not Magic in the traditional sense of the word like in a Fantasy setting. Player characters with thaumaturgic abilities should also be rare to begin with. I can put something together later tonight about what it is and what can and cannot do and run it past both moderators for approval as guidelines.
However we need to find the correct balance as its thaumaturgy and alchemy that in settings like Steampunk allow for a wider range of imaginative and wondrous inventions and tech.
Calendar - Should we keep it simple or do you want to introduce days and months? I can propose something as well.
Weapons - Def no automatic weapons and def not portable enough. Repeating rifles and guns yes but maybe not that common? For security forces sure and rare for common folks. Again this is where imagination in a Steampunk setting comes in. Here is an example of weapons in such a setting https://www.tribality.com/2016/01/29/steampunk-weapons-for-dd-5th-edition/
Military - Mainly peace and order enforcers of status quo and because they have not seen war in a long time they are more like bureaucrats hanging on to their sliver of power. The notable exception are the Skyriders.