Exactly what it says on the tin. Shall we hit the reset button, timewarping everything back to a coronation or at least, a post-coronation feast? Rolling a new king is also possible, though personally I'd like to wait longer for Clagius it is true that we need an active king from the start.
You could keep your characters & families of course, and while a lot of things (just about everything involving the Greyjoy/Harlaw/Drumm mess, for example, and probably the pro-Targ plot, though with Ulti gone it'd likely be derailed anyway) would have to be undone, special exceptions could be made for certain RPs like Rose's Targ RP so we don't have to go through the same stuff all over again before getting to the meat of their RP.
You'll notice that there's no 'abstain' option here. This is a matter that will directly affect everyone from freedmen to great houses, after all, so I think one would have to eventually form a clear opinion on this issue.