To a degree, I agree with you. Pound's and Eliot's ideal audiences were much more arudite than even their actual audience (thus the need for compendia); I'm not sure fandom really needs to recreate quite their level of elitism. At the same time, my flist is quite familiar with Hamlet (several flisters have taught it!), and I'd feel comfortable utilizing pretty much any amount of it. (Passing off an entire scene as Buffy fanfiction would be too Dadaist for my tastes, but I don't see anything ethically wrong with it, since with that extent of borrowing, it'd be difficult for people not to notice what I was doing, even if they had only a passing familiarity with Shakespeare.) There are also certain key texts of our childhood--Dr. Seuss, Frances Hodgson Burnett, Beverly Clearly--that I'd expect at least a great deal of the American portion of my readership to be familiar with. But while I might steal from the Chronicles of Narnia, I don't think it would be as appropriate to do so from Lewis' space trilogy.