I'd also say that personally speaking, I don't have any attachment to East Continent. I've hardly ever played there and for me BM is bound up with other continents. Plus the geography of East Continent sucks. So a complete reset to one new continent designed properly (with a goal of moving to a dynamic map over time) would work best for me - but since that's probably not practical I'd rather see all continents closed (except EC and the Colonies and maybe War Island) and a strict two characters per continent cap enforced. The increased population density would make things more interesting for the time being - especially with the influx of refugees - and that could buy the game time while a new map for East Continent, which included some sort of frontier and ideally the ability to be made dynamic, was worked on.
I certainly think that the best mechanic of M&F is the dynamic map and if that alone could be incorporated into BM somehow (with AOW graphics) then that would be awesome but I doubt it'd be technically feasible.