the uncharted lands
personally i think it would make the most sense for the sequel to take place in the uncharted regions where the true with take place. Not only would it be a great way to work in Darth Revan and possibly The Exile, but speaking logistically the place has to be conquered at some point. I find it difficult to believe that the republic wouldnt expand into that region in 4000 years of growth that lead to the original stories.
perhaps it would work best if you were to start as a new character who was born in the uncharted regions and had never even heard of the republic or the jedi (but obviously had heard of the sith). And through a series of dialogue options you choose how Revan and The Exile ended their journeys (dark or light) and then have a choice of apprenticing under one of them in order to choose your allignment. And according to how you chose the game may not play out entirely in a different fashion, but the enemy (or ally for that matter) would have been chosen ultimately by your actions in the last two games of the series.
I also would support a system in which dark and light side points were a bit harder to predict. so that choosing to behave as you truly would becomes a more viable option and that sometimes doing what you think is the right thing can actually bring you to the dark side....like saving someone's life for the wrong reasons or giving in to strong emotions on either side of the morality scale.
PS. id like to know what the "*" next to "FREE*" means in the ad on the scroll , because i have a feeling it means "not at all"