Keep South Island and the Colonies because of their unique nature. Keep EC because of its importance to Tom but maybe consider rebalancing it in some way, possibly with new islands, if the opportunity arises.
If a testing island is needed maybe just sink southern BT to make it a much smaller continent with players and realms competing for space - I know that's unfair on Rio but that's just the way the geography works.
Import SMA to one of the above continents, preferably BT.
Otherwise, freeze everything else. Keep the realm boundaries as they are in case the player base picks up at some point in the future but put them in lockdown and introduce the one character per island cap while giving people a period in which to emigrate their characters to one of the remaining islands with their gold and h/p or have that character deleted.
It'd be electric shock therapy but that's what BM needs right now and at least an influx of refugees to the remaining continents would liven up politics a lot. If nothing else imagine the fun of SA and CoS waging a war of mutual destruction on EC until both are dead :p
