Will our characters/records/quest mode transfer over or is this starting completely fresh?
Virtua Fighter 5 Final Showdown is a stand-alone title, so yeah, the original VF5 isn't required. :)
Also, no, nothing from VF5OE will transfer over to VF5FS. There is a number of differences in the new game, so transferring over the data from the old game wouldn't really work.