So here are my thoughts on that. In the free .pdf version of the Codex Arcanis, there is an appendix (Appendix 1: Timeline of current events) that has brief summaries of things that occurred in the original living campaign. As an example:
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* A group of adventurers, led by archaeologist Beloc val'Virdan, discover artifacts of a lost legion known as the Pride of Chendo in the Blessed Lands. The adventurers discover a series of subterranean caverns beneath the mountains, stretching for days in all directions, known as the Lavender Way. The Imperial Standard of the Pride of Chendo is eventually recovered and given to King Osric IV. Osric, in hopes of forging better ties with General Menisis, awards the standard to the former Defender of the Empire.
I don't foresee any problems including any of this. It's already freely available from PCI. But I'd be a little worried about including stuff that's more specific than that. It's not easy to generalize what should or should not be included. But the Codex Arcanis does a good job of summarizing the events or the original campaign.
I also see being able to include the contents of the old forum discussions, since those were things that the fans publicly discussed. However, those things are less "fact" and more theory or speculations, and as such, probably don't belong on a timeline. But again, we'll have to take each on an individual basis.
Scott