No it doesnt, obviously. It starts with you and Gorion trying to escape Candlekeep because one Bhaalspawn thought he can get Bhaal juice and become cool. Failed miserably. Bhall profited from all of it - which was his plan all along. We never played the Dead three rise to power - which, btw, only happened because Jergal decided to go along with it - for his own reasons. The story of Irenicus was not a direct continuation of Bhaalspawn saga, but it did provide another consequence of it and if anything its a continuation of Sarevok story. There is no "initiative starts with mortals" - at all in original games. You are hallucinating and denying reality. Mortals are only reacting and scrambling to Gods games, while inevitably playing right into them one way or another.
One of the ways mortals react to such powers becoming available is to say "F you Gods ill take all of it muahahaha!"
