I think they'll probably just lower enemy ACs and modify health to speed up fights. For example a goblin in 5e has an AC of 15. Let's say you're playing a first level fighter with +5 attack bonus (+2 from proficiency, +3 from STR). That would mean you'd have to roll a 10 or more to hit, which gives you a roughly 50% hit rate. This is fine in PnP since you don't usually have many encounters each session and in a RTwP system since the game basically automates the attacks for you, but in a turn based rpg it might get annoying since the amount of misses will prolong the length of each fight.
If you lowered that AC down to 10 for example (the amount would probably vary from creature to creature), you'd suddenly have a 75% hit rate since 3/4 attacks will now be hits, dramatically speeding up each encounter without completely throwing away the system they already have. This is what I'll imagine they'll do, lower the enemy ACs and modify some health values so that the early levels are a lot less frustrating, while keeping 5e's bounded accuracy system intact.
Initiative was in NWN but it was basically a non-factor in that game (despite how many feats increased it). If this is RTwP, it'll probably be the same. Speaking of features that wouldn't work in RTwP, I wonder how they'll handle the Paladin's Divine Smites (considering that you're supposed to declare them after a hit) and the Rogue's cunning action (or bonus actions in general) if this is RTwP.
