You can, many people enjoyed it, hence the following for W3. Not for everyone though (and I enjoyed both earlier games far more with the FCR mods active).
You *might* have some equipment carried across with a save game, but the "world state" will be modified in game in the absence of a save state, because of the PS4/XB1 users not having the possibility to run the earlier titles (and there also being many PC users who won't have played the earlier games, which are on older technologies (especially the first).
I would... but it isn't absolutely required.