I like the Dreadlord retcon and think it's a net improvement. Even the Bald Man connection doesn't really matter, in so far as they were ultimately tied to an actually popular villain in Denathrius and report to him, priming them for reuse later on.
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I predict they'll cut out the loyalist bit, as it was only ever the product of how wretched the Horde plot direction and end state was, and retroactively make Sylvanas have some popular opposition rather than five guys, along with further off-loading everything they possibly can onto her so as to try (and fail) to dig themselves out of the hole that making the Horde as a whole support her in the BFA war put them in when it came to telling these Anduin circle-jerk sessions.
SL's problems are so basic I've no idea where they'd even start, except reiterating that nothing but the dreadlord retcon took place and limiting any prior NPC's connection to the Bald Man. The most interesting thing will be how they treat Zereth Mortis, as it'll make clear where they mena to take the franchise going forward.