With some very judicious reworking of the module, you could definitely use the areas north of the Sea of Fallen Stars and keep a lot of the FR history intact.
The Galena and Earthspur mountains would serve as the bulwark between the eastern alliance of Damara (stand-in for shahalesti) against the forces of the Dale Lands. An interesting possibility is that the warlock knights of Vaasa could be in the process of enacting their plans of conquest and have enlisted the orcs and ogres of Thar and The Ride to dominate the Dale Lands.
Sembia, Vesperin, Impiltur and possibly even Cormyr could be your Ostalin, Sindaire and Dassen. In fact, I think that could work really quite well if you put a bit of effort into reworking the module with FR influences from those regions.