Will The Living Story Remove Current Content?
hearts and dynamic events really don’t connect all that well. there are several areas where things lead on to future events such as protecting a family home, seeing someone leave in despair then fighting said person when they went over to the enemy side whatever that happens to be. But there is no overarching story connecting the various hearts/events, beside dragons are evil and if you join them people will hunt you down and kill you.
Some hearts/events are connected, particularly in the early and high level zones. Of course, this isn’t true for all of them and there’s absolutely room for the world to change and grow. I look forward to seeing the evolutions and am quietly hoping that the impact on the world that things like F&F leave will be comparable to that of the GW1 Beyond content.
The living story is just a side story. It shouldn’t make any major changes to the game. The only content you would miss is that which was added in one step of the story and then taken away in the next.
If your goal is to witness every single dynamic event in the game however, note that originally they stated that they would add new events and disable old ones periodically to keep the game fresh. With that in mind, you will probably never see them all.