I'm running this right now (for the third time, first time with 5e rules) and it is still a blast. If you haven't got it already, I highly recommend this for conversion notes:
http://newworldscoaching.ca/downloadable/toee.pdf
My advice is to take your time with it. The Village of Hommlet is so well crafted that you may not notice it upon just reading the module; at a glance it seems like a well fleshed-out town with some pretty standard low level monsters in the ruins nearby. Its how it unfolds when experienced in-play, the way the town comes to life so naturally and effortlessly pulls the PCs into the adventure. As with any module, players will only get what they put into it, so I would encourage you to give them reasons to explore the Village and familiarize themselves with the townsfolk. Maybe the rogue must go to the tanner to repair his leather armour, or the wizard seeks an apprenticeship with Rufus. Character Backgrounds can be very useful here and lead to various side quests with npcs, something I strongly advise you prep to help get the PCs up to at least 2nd level before tackling the moathouse.
This link has some excellent resources, check out under the "New Ideas and Concepts" heading for some good side quest ideas.
Regarding the sparse, simplicity of the Village and its commoners: this only helps make Hommlet a more believable setting, as well as allows its more colourful npcs (like Elmo, Burne and Rufus, etc.) to stand out so the PCs will be more inclined to interact with them. Its important for the PCs to establish connections with at least a few of these npcs; at some point if the agents of evil (such as Rannos and Gremag) are exposed then having some of the town leaders vouch for the party will definitely make life easier.
IMC, after the party finished the moathouse, they had to take all their loot to Hommlet to cash in. This meant a trip to the money changer, who saw all the excess gear the party dragged back from the moathouse so he advised they take it to the trading post. The party proceeded to the trading post where they met Rannos and Gremag, who were quick to casually ask where they got all the goods. The party, feeling like town heroes, then went on to explain in great detail their exploits at the moathouse, much to the hidden disdain of Rannos and Gremag. This led to a later assassination attempt on the party who, through some smart play and luck, managed to thwart. Rannos and Gremag managed to escape, but had been exposed and the PCs were able to capture one of their lackeys. Because they had earlier established a good rapport with some of the town leaders, they had an easier time gaining their support and trust. Now the PCs have learned more about the Temple and Nulb - which just so happens where Rannos and Gremag have fled.
Once you get the ball rolling, ToEE really creates an organic flow to the campaign. I've read many complain that the Temple itself is just a long slog, and if played non-stop like a megadungeon it probably is. But there are so many opportunities for intrigue in the entire adventure that it's likely the party will spend as much time outside as they do exploring the Temple. That's been my experience each time.