fan vote is a problem, there is a huge recency bias
Agreed and also a bias towards players who played a lot at clubs with the most fans. Someone like Shearer who never played in Manchester, Liverpool or London is probably at a natural disadvantage in a fan vote. Even more so for foreigners or players who didn't get to star in international tournaments (Shearer would inadvertently get some kudos from playing for England, Euro96 etc, even though it is supposed to be based on Premier League).
My first two picks would be Shearer and Giggs. Top goalscorer and legend who delivered over many years. Don't see how anyone could justify putting the likes of Cantona ahead of them, he played what 5 seasons in the PL, only once in his entire career did he get 15 league goals (I'm not saying goalscoring is all that matters), and launched an attack on a fan. Legend of MU yes; inaugural inductee to PL HoF, definitely not.
edit: re-reading that I can see that the first two inductees aren't voted for by fans, but the shortlist for future ones is. So hopefully Shearer get in the first tranche.