I know it's been done before, and there have been many attempts to get an LS off the ground and running full throttle. Many new LS have come and failed as a result of people that don't stay interested in the game. Many people return to FFXI because there is a very nostalgic feeling when you long in for the first time in years, they have certain memories, then they quit a short time after when they realize nobody else wants to do those things. This game is not very fun by yourself.
Retrospect is a new LS that is recruiting ANYONE who is coming back, or starting FFXI new. You are not expected to "play the old school way", just expected to be positive, and look at building a fantastic team in the LS. You can level up any way you choose, it's your $12.95 a month. As an LS though, we will be doing all types of events from Nation missions, COP, ZM, TOAU, Assaults, and eventually would like to get into things like Dynamis, Limbus, HNMs and Gods. There will always be help available for any low level content that is needed as well such as SJ items, job quests and AF runs. We have 5 people that started the LS and have the same mindset, and want to build that great FFXI experience all over again.
I really enjoyed my time in FFXI when I played those years ago, I look forward to doing it all over again and trying out what I missed.
If you're interested, please PM me on here, or contact the following in game: