TSL to me is the most compelling Star Wars game. I actually think a RPG set in the timeframe between III and IV could be very intriguing written by Avellone. Character hunted by the empire, feels abandoned and betrayed by the Jedi and the Republic offers many options to character development and Avellone’s shades of grey in the morality spectrum. I don’t think a story like that would really need to focus much on movie cannon beyond the Jedi are gone and the empire has taken over. PC would likely start off as a padawan whose master saves him during order 66, but he watches his master be butchered by those that were his/her allies. To me this would bring out all types of conflicts between who to trust and Jedi teaching. Very similar to many of the teaching in Kreia in TSL, do you help the family farm being overrun by pirates, or does involvement bring the risk of bringing down the wrath of the Empire. NPC reaction would also be very interesting; they were told the Jedi tried to overthrow the government. So figuring out who could help you and who would turn you in over the reward would be another great element.
So if they are going to make a game about survival, both of the PC and the good people within the empire, then I can’t think of a better time period. However, if they want to make a cliché game about saving the galaxy, then look somewhere else. It shouldn’t be about making the ultimate jedi/sith, it would have to be about character development and morality conflict to be good. Making another Revan clone would just destroy cannon. Making something more about looking for survivors, teachers and looking for holocron to finish the PC’s training to improve odds of survival or gain power for revenge while being hunted by bounty hunters and imperial forces would be interesting to me particularly with Avellone’s normal morality choices.