And secondly it would be a mistake, mainly because you need a wide range of characters. The biggest problem Powerplay has is that you have too many Imperial leaders. Its only the independents that are actually interesting (Antal the techno monk cultist, Archon the pirate King, Sirius the corpo lord).
Which is arguably an issue with representing that sort of character through Powerplay - the most interesting ones are also the ones with the most niche player appeal. The gap between "wanting to see what they do" and "wanting to help them do it" is a problem ... and if the originally-planned collapse/arise cycle had been in place, I think we'd have ended up with a much beiger set of characters for Powerplay.
Equally, and almost in reverse, the relative power of the various Imperial/Federal powers has more to do with positional tactic advantages as any particular preference for their outlook within their superpower.
Fairfax, Kaine, Tanner ... all potentially interesting characters but very difficult to fit into the Powerplay framework. Even someone like Antal, most of the lore about them - especially the creepier bits of it - comes from the Powerplay information, but the actual Powerplay representation of them is very disconnected. (Equally, if it wasn't for her continuing tenuous Powerplay presence, Torval would probably be filed along with many of the other characters from 3301 storylines as "not particularly relevant today" - she's barely said anything for five years, and doesn't really add anything in terms of Imperial culture that H Duval, ALD or Patreus don't have covered one way or another)
On a completely unrelated note for this bit, I came across this article suggesting sabotage for the Highliner Antares, which was being investigated by former VP Smeaton before his suspicious death.
community.elitedangerous.com
...and now we find Starship One disappearing due to sabotage, killing his successor as VP. Lots of other articles from around that time reporting suspicious deaths of those investigating either the Antares or SS1.
This is interesting - Smeaton was killed for investigating the 50-year-old loss of the Antares. SS1 disappeared under similar circumstances, and certainly powerful people had a motive for that coverup, but what could
Smeaton possibly have found out about the Antares that would be so dangerous to come out now (bearing in mind it can't have been directly connected to the SS1 sabotage, as he died before the Lugh and Onionhead fiascos wrecked Halsey's popularity)? And did that have anything to do with SS1's diversion to Azaleach?
And if Halsey knew what her former VP's investigative hobby was ... was she killed not over Federal politics but to cover up the same Antares incident?
It now makes sense why the investigation into SS1 took so long to complete: two weeks to interview the relevant parties, five years to get those interviews while making it look like you had no interest in SS1 whatsoever and the people being interviewed knew nothing about SS1 whatsoever.