I’d spare Archie and Mark and swap them for Nick and Elsa, leaving their daughter Alice under the care of her aunt Kathy for good.
Mark had much more life in him than Nick, and he would have fitted in well with the Dave/Biff/Luke crowd of 1994-95 much better than Nick ever did, and Archie is a character all soaps need, the loveable layabout with a good sense of community spirit.
I’d also kill off Carol Nelson since she left just days before the crash anyway, I also think I would have killed off Joe Sugden, he was axed months later and died offscreen in 1995, his death would have a great impact on Annie, Jack, Sarah, Rachel and Mark, plus it would be more gut wrenching than his offscreen death 18 months later, which made no sense at that point.
Killing both Elizabeth and Elsa would have been cruel to Michael but this could be where he becomes a full on villain, the Cain Dingle of the 1990s
So all in all:
Joe Sugden
Elizabeth Pollard
Carol Nelson
Nick Bates
Elsa Feldman
Would be the ones I’d kill off