I don't like it. you complain about the wooden story in Dishonored,and replace it with another one with all the same problems.
First things first: "going home to find your family slaughtered" is an extremely cliched fantasy and videogame opening. In fact, it's kind of present in the original Dishonored (returning home, just in time to see your girlfriend/The Empress murdered). The problem with these openings is that they are entirely mechanical - they are there to give the protagonist a reason to do what they do, but they offer no emotional involvement for the player. We haven't met the family or the Empress before, so why should we care when something bad happens to them?
Secondly, you've discarded the hackneyed revenge plot, only to replace it with all the features of another. Presumably the first thing our protagonist wants to do is track down and get revenge on the people who imprisoned him and murdered his family. If he doesn't immediately go do that, then that means his family dying meant nothing to him. Which raises the question: why bother having a dead family, if not for character motivation?
The original Dishonored story is flat and poorly written, but it is possible to salvage both in rewrites. More time spent with the Empress would have helped us gain a rapport, so her death actually has an impact. If Corvo talked, it would have the dual effect of showing more of his character, whilst giving other characters something to work with. All the voice actors in that game sound like they are phoning it in, which suggests bad direction and little to act upon.
Finally, the writers needed to make the damn Outsider an interesting character. He is offensively boring and unimaginative: a teen tryhard vampire who's only wants you to dance for his amusement. In game text describe him as a Lovecraftian whale in his original form, hoping to get revenge on all the whales we killed - if that's so, the writers should have made that an explicit character trait, with the Outsider actively encouraging you to be as destructive and chaotic as possible.