Depends a lot on how many waves you've made, but also how much connective tissue you want. Too little and things may feel like a series of snippets, too much and they drag. It's definitely an easier problem in snippet format (since you gloss over
everything else) and before the canon story starts (since
everything is a divergence).
Presumably this is trickier than
Trinity because divergence is more limited; the main dynamics of the Phantom Thieves remain
mostly the same, so re-telling those parts is redundant. There's also the weirdness of adapting what's dramatically-important or not from the gameplay side.