I think the only reasonable think is to play with a New guy...
For many reason, that I'll try to esplain:
-Revan and Exile... Why should they restart from L1? Another Brainwash\Connection Severed? Poor guys, I think that coming in that way the game will be know as "KotOR III: Fantozzi's Menace" (Fantozzi is a italian collection of movie from Villaggio about a jinxed, actually VERY jinxed, and not too smart italian Clerk... Personally I hate them, but is a good example...)
-Main character start from level above 1? Well, thinking that also Revan and Exile start at level 20... Should we leveling from 1 to 20, only to match the original with we had played KotOR I & II? And thinking about 35 level gained in game, (As much have gained I BEFORE the return to Telos...) at level 55 what the hell should we encounter to had a minimal sense of challenge? A 40 level Guardian\Weaponmaster Yautja? (AKA The Jedi Predator?)
-Party Members... Revan and Exile in DS or LS mood have their own friends\followers\slave... Why, and I'm questioning me about why, they should pick up some other strange guy from the galaxy when have companions like Handmaiden, Carth, etc... At this rate KotOR III end up as an expansion of the precedent games, and not a "sequel"...
-B&B... (Played with a male romantic character either...) Why should the two allow their Husbands\Lovers\Companions to leave house cleaning, child and other coniugal duty to save the galaxy? (OK this isn't a serious one...)