I do have to disagree with your statements that it would be scratching everything we've worked on and comparing it to half a book, but I agree that I'd like it to continue with the story we were told about in Kotor 2. I think KOTOR 1 and 2 serve very well as standalone stories. Especially KOTOR 1. KOTOR 2's hints about Revan don't alter any of it, nor does the idea of the Exile going to join Revan at the end of 2.
Now, if the true Sith were behind the events of KOTOR 1 and 2 and we were to at least be aware of that as we went through 1 and 2, my opinion would be different. It felt more like a distinct lead-in to 3 than a genuine continuating of what was going on.
However, like I said, I am very curious to see what could be done with that story.