Hrm... well, I'm thinking that.. if this campaign goes well, when we hit epic level (since I plan on this being a long campain), then I'll prolly have everyone... well it's this Idea, see? Either:
A) Start a new character at level 12, same deal as before for character creation. Your old character (epic level 25) is still under your control... when they appear, which would be left to DM discretion. Mostly for plot, or quests.
B) Start a new character at level 12, same deal as before for character creation. This second group will be a second party, somewhere else in Tamriel.
EDIT: This way, people can have two characters they want, without having to really give one up. ^.^ Thoughts?