Honestly, i would like to see a World Cup with an 80's flavor.
Team Czechslovakia (combined Czech Slovak Squad)
Team Russia (with Belarus, latvia, Kazakhstan etc. combined)
Finland
Sweden
Canada
Deutchland (Germany / Switzerland)
USA
I think the best compromise to include as many of the best players in the world is a 5 team tournament according to the world map/peoples locations as of 999AD:
Over the end of the world (Canada & USA)
The Holy Roman Empire (Germany, Austria, Switzerland, Slovenia, Eastern France & Northern Italy (the Hockey playing regions coincidentally!) & A bit of the Czech Republic, Netherlands & Belgium.)
Bohemia & Moravia (Czech Republic & a lot of Slovakia... just before Slovaks annexed by Magyars.)
Kievan Rus (Western Russia (where 90% of the hockey players are from) Belarus, Latvia, Lithuania, Ukraine, Romania, Moldova, Poland, some of Eastern Slovakia & Estonia, some of Finland.)
The Norse (Sweden, Norway, Denmark, Scotland, some of Ireland & Northern England, some of Finland... heck, lets pretend Finland was fully Norse affiliated in 999AD instead of just some settlements on the coast and islands. Oh, lets include the Maritimes (Vinland & Markland) as well to take some of the talent from Over the end of the World... heck, Crosby has a name with a Norse ending!)