This is quite insightful! I'm trying to imagine everything based on what we know about Shane McMahon's wrestling preferences and philosophy -- which may be a younger POV, more gritty balance of story and in-ring with "McMahonisms" still in place.
I am trying to imagine it realistically, or at least as close as possible to an alternate reality -- the ex-WCW wrestlers that are now valuable to the WWF (e.g. Benoit, Guerrero et al) will only be allowed to appear from time to time, but not exclusively signed to WCW. So I'll be working with the Talent Trade system a lot. Shane would have to make do mostly with what he's got, plus the WCW stars they can pull (e.g. Hogan, Flair, Nash, Goldberg, DDP, Steiner, Booker T) while he's building new ones.
Angle-wise, I'm trying to imagine that even though this version of Vince McMahon decided to have WCW run mostly independently and the big Invasion angle won't fully take over WWF TV, there still has to be an element of rivalry and cross-over between the two promotions, picking up from the Vince-Shane feud aftermath. (Just trying to incorporate this one for continuity's sake, and will not focus on it once I divert the attention)