I'd be guessing they could just pick any part of the SW Universe to stick it in. Knowing GL's mode of operation by now, it would be somewhere that features maybe one or two characters that have appeared in minor roles in the movies so far, or perhaps the EU. Certainly nothing that would actually advance the story or myth. It would probably be made in NZ or Australia to cut costs, featuring mostly local actors, with a couple of imports in the central roles ( think 'Xena' ). I could see CG being used untill it makes your eyes bleed.
Something like.....a series set in the Cantina , featuring a motley crew that meet each week at the bar, with the occassional guest star passing through for the regulars to bounce insults off.
They could call it " Jeers".