BW stuff is in because pre-WC4, the border worlds are another kind of militia, more independent and more unified is all (from my understanding, at least). Also a lot of people think that WC4 was the best game of the series. Finally, they always make it clear that the ships you fly in WC4 are old (Pliers complaining about keeping stuff in repair, faded paint jobs on the Banshee and Vindicator, etc.).
About the Cutlass... I think it's a beautiful design and if all it takes to leave it in is a name change, sure
It looks WC1-ish anyway, so saying it's a pre-wc1 heavy fighter that found its way on the open market would be fine. The main reason why I called it Cutlass is that it's basically a heavier counterpart of the Talon, and extensively used by pirates -- that sounds piratical AND keeps with WC2 confed standard of naming fighters after pointy things (About that, do not get me started on the Murphy. I think Mr. Murphy was compensating,...)
About capships: The main problem there is the interface. A Drayman can get away with having a Galaxy style cockpit because it's a big barge with a small habitable area, and a custom capship can be designed to have a fighter style cockpit because you the owner want it so. But piloting anything bigger would require a bridge, persistent animation of other people on board and so on... Currently the biggest thing you can ever fly is a Paradigm, and even that I think is a bit too much.
Art wise, not my department
tell it to the wonderful people who are doing it! I say we stick with the old art and replace it incrememntally as poeple feel like working on it.