It's not anywhere near losing its appeal. Anyway, I am honest here and I openly disregard the idea of opening a new server for such a reason (even if it was true). We may still open a new world some time in the future, but only for it can contribute to growing the community, NOT to take the place of the existing server as you propose.
Actually, Kay,
There are three main markets for Tibia 7.4 servers:
Europe
North America (including the Caribbean)
South America (including the Caribbean)
Players from Europe can play with a reasonable ping on American servers and the reverse is also possible. Unfortunately, the South American market is a little further away from this reality, but they can still play in Europe - in worse conditions - if they really like the server.
In addition, there are two "niches" for 7.4 1x longterm servers. There are the classic client-based servers and the OTClient-based servers.
TODAY, Tibiantis is the only 1x long term taken seriously with Classic Client. In the North American market, we have Nostalther, from Panther, a good friend of mine, and in Brazil, there's an insignificant dispute between Antiga and Keltera. (Of little relevance...)
The creation of a new Tibiantis server is sure to be a turning point for you, the server staff, because it brings with it the unquestionable fear of killing the current server with hype. The point is that an NA server would never kill the first Tibiantis server for a few reasons:
1) The target audience is different. It will be totally aimed at Americans and South Americans. Eventually Europeans will play for the hype, but already knowing the credibility of the server, they will return to where their gameplay will be much more enjoyable, with a low ping.
2) The credibility and seriousness you have earned over time
Even though I'm Brazilian, I don't support the creation of a server in South America for several reasons. Weak currency, less educated community and (believe me) much more toxic and inclined to corruption, among other problems. To be quite honest.
But just as you thought long and hard before removing quest items and based yourselves on studies - academic ones, to my surprise and admiration - think long and hard about creating a new server. I really only see expansion and the conquest of new markets. I've found myself thinking about it at various times, looking for problems and calculating the chances of the "mother" server being killed by the creation of yet another. But honestly, based on everything I've said, I think it's very difficult.
And I think that with the knowledge you have, the server (which is already ready and stable) and the structures available in the American server market, you're missing out on a big market with no competitors and a lot of demand. (7.4 1x longterm, reliable with classic client.