Enigmatic, we are talking about a specific setting called Legend of the Five Rings, not just a generic oriental campaign.
As for Era, I am fond of the Four Winds era, but definitely open to other periods, like Steel Chrysanthemum or Clan War. In general, I would like to not start after 1159, as I feel the setting got kinda nuts after that.
Elements, eh? *I* am a fan of the Kaeru (a ronin family) pre-Lion, personally, and love other concepts that don't really fit but have become part of the culture.
I would love if Yoritomo Kumiko never existed or at least was executed for concealing the taint. I hate her. I am also okay without the other realms being prominent.
No preference on #4, depends on the story
Just looking for a good story.
If courtiers are present, I would suggest some house rules for making them a little more diverse. Every courtier can be a great courtier by just stacking Awareness. I would make Etiquette based on Willpower, and games on Int, spreading them out a bit.