I have read the Wilderlands setting back to front, but never run it.
I currently run a high magic Greyhawk game that began in the Gazeteer period, adapted the starter set adventure and has lead to grand strategy, the potential re-unification of the Great Kingdom and the group are currently running through the Fortress of Conclusion in Return to the Tomb of Horrors, trying to stop Vecna (a little plot change here) from his plan to take over all undead. Another interesting twist is that the Tomb and environs was destroyed by the army of Ahlissa under the control of King Xavener who in turn is under the thrall of Orcus - who naturally doesn't want Vecna to succeed and steal all his power!
Greyhawk works great with 5th Edition - even with higher levels of magic... but I have to say that I would expect Wilderlands to work well too.