Thinking back to the Europeans project, I think it may be a good idea to get onto the same page as far as how we handle rapidly developing competition in a relatively short time.
I think that if we are doing a "global, all-time" list of players then there is good reason to not even consider the likes of Malecek, Bobrov, Sologubov and Zabrodsky. They weren't anywhere near the best players on earth in their time.
But I recognize that there is a case to be made for evaluating them differently when doing a list of the greatest non-NHL europeans of all-time. From a strictly European standpoint, it matters not whether Zabrodsky would have been out of his league against NHL professionals, it matters that he was absolutely the best player in Europe.
I remember seeing individual lists in that project that ranked them very highly, by voters who clearly took the latter approach to ranking. I myself took the former approach, and had them 31st, 45th, 64th and 65th. Ultimately, these players ranked 21st, 22nd, 26th and 34th, which I don't think makes any sense by either method. Based on their domestic and international tournament dominance, these are probably 4 of the top-8 of all-time. Based on their relative greatness compared to the best in the world in their era, they may not be top-50.
So that brings us back to the top pre-merger players. Let's look at a player like Harry Hyland, a HHOFer and perfectly fine player who deserves consideration here. But in his generation (1910s priming players), he may not even be among the 12 best forwards (he's in fact 17th in the decade according to Ian Fyffe's Hockey Historysis blog post, the meritorious men of the 1910s). Go back 10 years to the 1900s, and sure, I guess we'll be ranking Russell Bowie, Frank McGee, Tommy Phillips and probably Jack Marshall ahead of Hyland, but what about the next class of forwards? Harry Smith? Marty Walsh? Ernie Russell? Herb Jordan? Rat Westwick?
By the time we get to Westwick, we're talking about maybe the ~9th best forward of the decade, with Hyland around ~19th of his own. Yet, Hyland seems to carry more clout when it comes to drafting him in projects like the ATD. The closer to merger it gets, the more we respect the era and the players in it. Are we aiming to have a list that ends up with considerably more players from each newer generation of players? Or are we trying to have the same number from each generation? Or split the difference somehow? And if we do, will it make sense in the end or will it look like those four players in the Europeans project?