The novel itself isn't suited to an RPG, more likely an action-paced game similar to Jedi Knight, which I wouldn't mind if they did it right. If they are to make a Kotor III, they'd need to re-introduce Revan in a later time period, and explain the whole flash warp thing he did.
Secondly, TSL really made the series interesting in making the Dark/light dichotomy not so simple as Lucas wants to make it to be, which is what it needs to be about. You can't have the Dark side affiliated with killing babies and robbing old women, sometimes decisions like that have to make sense.
However, I doubt Lucas will actually see the light in this argument.