Yeah, nice concept. I just do not thimk that squires (they are in game annd pretty tough) must not wearing mail and proper weapon, just not like knight brothers have.
So ho is noble in the game? Adventurous Knights and squires obviously are, but how about hedge knights and bastards? I do not remember, if improverished noble is in bacjgrounds of game characters right now.
This roleplay concept may require to use every knight you can find (fat and craven too) and every crown you can collect, so yes, it can be interesting when you reach game top level with ordinary company. But I did not by now :)