Character-wise this story is very sharply done, and the sad reverie of the old warhorses at the beginning expresses the fans' own longings very well.
Unfortunately it's not really got a plot of any note, as it's really just one of those fill-ins that the opening episodes of later seasons had. That would be okay if there was more of a story behind the Dungeon's rebirth. Instead it all just sort of happens by itself.
Rather leaves the reader thinking, "Yes, very encouraging, but what of it?" In other words, this vignette would be excellent as an intro to a full story, but it isn't a story in its own right. Apity, because it feels like a promising start.

You've applied your knowledge and appreciation of Knightmare effectively, subtly and deftly creating the right ambience and character interaction (using old faces and new), for the key event that we all crave - the reopening of the path! Should you decide to revise the story, a couple of minor points: Wouldn't Hordriss use 'one' instead of 'I'? The ending would be even more uplifting if Treguard addressed the newly present Watchers as he normally does at the start of an episode/series.

Very good. Someone should really write a full Knightmare quest, though..

Yay! Someone other than me has a Knightmare fanfic up here! It's a good fanfic, well written, and I love the Black Elf Kalarae! Great story!