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If I had the rights to Mabinogi after purchasing them from devCAT, I can tell you that I don't expect to make that money back very quickly, here's why:
Scrap the entire original game and rebuild from the ground up, using a new engine, starting with Generation 1.
1. Revamp the Music System if possible and allow users to create their music with staff and notation rather than MML. If not possible, than to revamp the current Music System to allow more notes to be played at once and/or longer if using certain instruments.
2. Turn the Dungeons into a Keyword Hub station (similar to that of .hack// series and games). Specific Keywords can unlock different difficulties, monsters, and items, which can be found by exploring the game, while still holding true to it's original random generation feature.
3. Upgrade the textures of the game and expand the towns of Tir, Dunbarton, and Bangor (remember, this is starting with Gen 1 first). Make them feel like an actual city, blacksmithing haven, and beginner town.
4. Revamp the Life Skill system to allow a request and create additional features for those who wish to take the time to craft items for other people.
4a. Provide them with a "Trust" ranking feature to allow those to seek out trust-worthy folks in the server. Did they do a great job? Give them a good rating! (To avoid trolls, those being unfairly given a poor rating can submit a ticket for customer support to look into).
4b. Revamp the mini-games to be more in-line with it's actual skills. Blacksmithing would be more of a timer on how strong the weapon can be (think of a cross between the wine-making mini-game and the original finishing mini-game for Blacksmithing to begin with). Potion-making would be more on a timer. Adding the ingredients at the right time during the brewing can determine how potent the potion will be. Etc.
5. The inventory system will remain partially the same, although bags now become tabs to avoid cluttering your inventory. The search system will be implemented in G1 rather than G18/19 to ease such strain.
6. The Kiosk and Shop Store will remain the same due to it's charm in the game. They will be free for all users immediately instead of waiting for G16 or whenever.
7. Moon Gates will begin with a Global voting Event. When the Moon Gates first fall to Erinn, players will be given the opportunity to decide where at in the towns and cities they would like to position those gate(s). Due to the heavy magic that surrounds them, they will only be free at night (as Eweca and Ladeca will power them), using them during the day will require a small gold fee (gotta pay those NPCs using their own mana to keep it open after all).
8. The storyline will be revamped to ensure no continuity errors arise.
I could go on, but if I was serious enough, I would make sure to write a 150+ page design document for the recreation of the game which would specific details that cover storyline, skills, dungeons, friend system, housing system, etc.