Given the characters, here's what would happen: Wave 1 Hot Rod would get Prime killed. Megatron would be backstabbed by Starscream and die. Jetfire goes kamikaze like he always does (first appearance in cartoon and storyboard of movie... look, just don't interrupt the story) and kills Starscream. Starscream's ghost possesses Bumblebee, and Hot Rod is forced to kill him. Example (Trailbreaker: Are you sure we HAVE TO kill him Hot Rod? Hot Rod: Trust me, it's for the best *BLAM*... No, I don't know where I picked Trailbreaker from) Wave 2 comes in... Astrotrain and Soundwave go on the road (or rather space) together as rock stars. They call themselves the AstroWaves. Soundwave, with no one to boss him around, has a party inside Astrotrain. Astrotrain receives the worst hang over in TF history. Meanwhile... Grimlock knocks the taste out of Hot Rod's mouth and claims leadership. Prime comes back to life, and says he is the leader because he has a trailer now. They all laugh that Bumblebee is dead. The TBAs turn out to be a sharkticon and Wheelie. Sharkticon comes with Wheelie-eating-action.
The major problem I'm seeing with your idea at this point is that you're assuming G1 Starscream would be competent enough to off Megatron. More likely he would try to kill Megs, fail, then wet himself and beg for forgiveness.
