re: Knowing What we Know now, does Gavrilo Princip pull the Trigger?

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They have been aligned with Russia, historically.

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And that's another thing that lead to WWI. Russia saw themselves as the "protectors" of all Slavic peoples and countries. That's why a matter that really was only between Austria-Hungary and Serbia sucked in Russia. This in turn sucked in Germany thanks to their treaty with Austria-Hungary. Which in turn is what sucked in France thanks to their treaty with Russia. It was a domino effect thanks to the treaties between these powers to come to the aid of each other.

As for Britain and why they got involved, they could have stayed out of the war all together. They were not bound by treaty to either side, despite having joining France & Russia in the "Triple Entente" in 1907. Their involvement in this treaty dealt more with "spheres of influence" and economic matters rather than military involvement. Basically to the British before WWI their involvement with France & Russia was to counter Germany's rising economic power. However, when as part of their Schlieffen Plan, the Germans invaded neutral Belgium on the way to France, Britain used the German's violation of Belgium's neutrality as grounds for going to war.