Yes, we can set them both to be whatever we want them to be, BUT canonical character is who really lived in SW world, other characters are just "what (s)he might have been if he would've fallen to darkside or if (s)he would've been different gender" when it comes to contiunity.
For example, Kyle Katarn may fall to DS in Jedi knight, but canon says that he stayed as LS, and both Jedi Outcast and Jedi Academy treat him like that, so does all other EU.
If there is going to be reference to Revan or Exile in some other EU book or comic, they are going to be LSM and LSF.