I think the best thing they could do with it would be to set Episodes 7+ far enough in the future that the EU material could still have happened, but there would be enough time since it happened that the world could conceivably take whatever shape they want it to take that might look nothing like the EU world. That would also help take care of having to get new actors for all the main characters if they set it shortly after RotJ.
Yes, either the distant past or the distant future of the Star Wars universe would be a good place to go. Or at least far enough back so the characters haven't been born yet, or far enough forward so that the original characters are all (or almost all -- Jedi longevity tricks, etc.) dead.
Spoiler: My current mood
The world is grey, the mountains old,
The forge's fire is ashen-cold;
No harp is wrung, no hammer falls:
The darkness dwells in Durin's halls;
The shadow lies upon his tomb
In Moria, in Khazad-dûm.