Hawk, that is by far the best idea I have ever read on these boards. Those who insist on determining the gender/alignment of revan and the Exile could simply play the games again and KOTOR III would pick them up.
If you don't care, you could jump right into KOTOR III, or it could have some lam-ish way to set everything in the game (like KOTOR II did).
I bet there are plenty of people -- especially the people who care about the gender/alignment deal -- who would play through KOTOR I and II again. Reviewing the boards, I know I'm not alon when I say I've played each at least 3 times. So another time back-to-back-to-back could actually be very cool.
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Although there would need to be a way to import the existing savegame file for those who want to play K3 with the existing Revan and Exile that's already on their harddrives