I've said this in another thread but I'll say it again here :
I think that the best option would be to re-release the old PvE and PvP server and release a new PvP server. The original Nost PvP server felt unplayable at peak times, especially with the population hitting close to 15K. If the server ever re-opens, there will likely be enough new players to just create a realm for them (plus old players looking to start anew)
But there are also players who had put a ton of work into their characters, and as Viper said "In the end, pleasing the community is the only thing which should matter" I don't think any part of the community would be displeased in getting their characters back.
Personally, I had a 60 Druid and 50 Rogue. I wouldn't mind restarting my rogue because it wasn't level 60 and I used it for mainly PvP purposes. My druid was my first 60 and I barely got to enjoy it before Nost announced shutdown. I don't think I can bring myself to level balance druid again 1-60.
As you said, if you want to please the community, side with both and bring back the old characters and release a new realm.