No, it wouldn't be a total wipe-out. Just a streamline. Danny's a great character. I would love to think he would be the character you would choose to use for the main stories. Still, I've come to really love Victor, and this new team would have to have some serious muscle to be able to stop metahuman/other incursions. So, in the end, it would be up to you who you decide to use as your Vanguardian.
What I'm proposing is very simple, really. Pick one character you want, discard the rest. Once you've picked your character, you would PM on what you want to happen to any other one that you have created or is associated with the stories. This doesn't mean that I would be the one to remove/kill them. You would most certainly have that choice, as you see fit. But, in the end, I would want an accountability to what the status quo is. And, to be honest, I'm hoping to get the chance to kill of a few characters (only one in mind, right now) in order to truly hammer home the point that this is the end of Vanguard as we know it.
As far as the new team, I have a vision of clarity for our stuff. If it helps, I'm envisioning what Grant Morrison did with JLA: he removed all the peripheral stuff, and gave us the "Big 7" as the JLA. That set the tone for that team for over ten years now. Think of it like that. This is Vanguard's "Big 10" (or ever how many writers join in). It should be a stable line-up that presents itself as the ultimate evolution of Vanguard.