Imo, it's a good idea to avoid having active Ta'veren in the setting. Whenever I've thought about the idea of making a WoT setting, and I've thought about it a lot, I usually place things post-Rand. That lets me have some guns and tech/alch in the setting to act as a balance against the all powerful One Power.
The biggest challenge with WoT settings is the lack of monsters, unless you're going to make a blight crusading campaign or have it take place off the main continent, but then you may as well not call it homebrew with a hint of WoT if you're going to do that.
I personally would consider a Ta'veren to be a code word for Player Character. Strength is simply the level of DM interference.
As for timelines. I can see several good breakpoints on the main continent.
The War of the Shadow - Final Years.
Before the Hundred Companions' final, fatal strike, lots of shadowspawn of all sorts, active evil overlords, lots of magic items available for the martial folks, as well as the way of the sword reaching its first peak.
Very good for an action oriented campaign, though from what I gather armies are modern in nature(highly mobile strike forces with channelers rather than grand marches).
The Breaking
Post Apocalyptic. Nuff said. Help to hold one of the final bastions of civilization against the inevitable collapse.
The Trolloc Wars
Like the War of the Shadow, but less magic overall. Politics also apply, as nations try to gain an advantage.
Hawkwing.
Golden Age, combat oriented games go to the blight, but politics. Oh the politics.
Sundering of nations.
Right after Hawkwing falls. Monsters come out of the woodwork, the empire is broken and people squabble for scraps.
Age of the Dragon.
The Dragon is Reborn and horrors walk the world once more. While the Dragon is the star of the show, many heroes are also needed to play their roles, or the world ends anyway.
Dragon's Victory.
Looks like a second Age of Legends winding up, but insufficient info.
Mechanically, I'm thinking a good class defense bonus system should be in place, possibly combined with Armor as Damage Reduction and building ability score increase benefits into leveling(you don't necessarily need to raise a score per se, just give a bonus to hit, bonus to damage, DCs, etc). Something needs to be done about the lack of WBL as well, perhaps replace WBL with special traits you can purchase. Like feats, only less limited.
EDIT:
Ooo, I got it.
For Channeling, use Spirit Shaman style. Power Point casting from a prepared list of Weaves from your Weaves known list.
Learning new weaves costs from WBL(accomplishment points? whatever we call it).
Gaining Talents costs from WBL
Gaining unique artifacts(angreal, terangreal, the Shadar Logoth Dagger) costs from WBL
Absurd luck costs from WBL.
Blade moves/stances cost from WBL(each move is a special attack, with some preconditions for execution).