Living History standards can be a very fine line to walk. In the ideal world we would all have 100% accuracy in our kits. This is of course virtually impossible. So, instead we strive to be as close to 100% accurate as we can. If accuracy is not your goal, then the truth of the matter is that Living History is just not for you. The fine line comes in when we try to decide where said line should be drawn.
The reasons that people can't reach 100% accuracy can range from financial reasons, to a lack of information on a given time period, to poor research, to just plain laziness etc. But at the end of the day, we just can't reach 100%. I think the most important thing is that you have the desire to continually improve your kit and not intentionally misrepresent historical knowledge. At the same time, a reputable living history event can't allow someone in a blatantly inaccurate kit to participate as part of a historical timeline, even if that person is 100% well-intentioned and may not have been able to afford the good stuff. You also need to be able to take criticism. If someone tells you your buttons aren't accurate for 1475 Burgundy, and they really aren't, you have to remember, the goal is to be as accurate as possible, so taking that criticism without being personally offended is something that people need to become comfortable with.
So what do we do? Do we let people in with aluminum maille for the sake of not being exclusionary? Or do we say sorry, if you have aluminum maille you can't participate. It's almost always a damned if you do, damned if you don't kind of situation. On one hand you're getting good people who are well-intentioned, and on the other, you're degrading the quality of the event.
What I've tried to do is meet the standards as close as I'm able in what I plan to display, and then as time goes on and I acquire more stuff, I can expand my impression. For instance, I'm now trying to focus on my encampment so that I can display an open tent with historically accurate furniture etc... I wasn't quite there this year, so I kept my tent closed during public hours. Start off with what you can, and people will be more than happy to help you along the way. Then as you build on your impression, slowly expand at the pace you're comfortable with. It's the continual improvement that drives us!