Although Merlin and Lancelot do appear in the story, though they're not interpreted in the same fashion they typically are.
That's just what I don't want to see. Both are later additions to the mythos. Lancelot was invented by the French. "Merlin" is the French rendering of Myrddin (because that sounds like a dirty word in French), and the very idea of Myrddin as Arthur's wizard is likely a case of mistaken identity. The name "Myrddin" means "sea fort" and probably refers to the fortress at Tintagel where Arthur may have been born. The idea of Myrddin as Arthur's wizard probably comes from confusion of the sea fort Myrddin with a northern bard of that name.
True, a story about (a plausible candidate for) the historical Arthur with all the later accretions stripped away would hardly be recognizable as an Arthurian tale. I just think it would be nice to see it done at least once as a fresh take on things.