It would be like a campaign taking place on the island but your characters are removed from the "timeline" of the phases and put into an ongoing adventure starting at level 1 that moves along at its own pace. Instead of being clunky like most play-by-post adventures we would use the benefits of the VTT to simulate combat and have our own map to move our tokens too. The pace would be basically determined by the players instead of slots and the group would be consistent. The setting would be the island and the adventure would have tie-ins to things that happened in the world. So .. sort of a campaign set in a living world. This is how I was originally going to run the island but it greatly limits the numbers of players that can play since you have only 1 party with 4-6 players. It could, however offer extra gameplay for players interested in having a more consistent gaming experience along with their island experience. Leveling would progress at a slower pace depending on encounters and goals being met. I would probably start with one journey on the Iron Kelpie and have more interactions with the captain and crew offering a fuller experience with the details of the journey and then getting to the island and continuing the journey interacting with player characters as NPCs etc. I think it could be fun if we had a consistent group to do it.