Great article I'll probably return to when I start another component library from the start.

Always a tough situation to come in with the sole job of updating or creating component library right away. There will be a lot of opinions on how to get started, you don't yet have a great grasp on the product and (like you said) some non-decisions you make will be questioned. Having a process up front like this should probably be brought up during the interview so expectations are set as early as possible.