I don't really know what will be narrated in this future show, but IMO they should have choosed some good stories of the EU for the series. After all, the EU is such a big source for many stories, events, locations, and characters. All is not good but, there are so many infos in it, there are some great characters and great moments.
And another good point, many stories of the EU take place during or after the OT. It would be a good way to "reconciliate" with OT hard-fans, by showing more familiar stuff than the PT.

Concerning Lucas, I'd be really glad to see him doing something else than Star Wars. I don't hate his work on the PT, but maybe he could create some great "non-SW" things.
Sometimes, I like to believe he could make such an impressive movie than "THX-1138". The first time I saw this movie, I was thinking: "Wow. This is just genius!" and "I really wonder what could have been his career and his work if he had never made Star Wars?"... Sometimes, I really have the feeling that Star Wars (and I'm not talking of the PT, but the whole saga) has eaten him and his creativity. I mean, I love Star Wars, but it's just fun and entertainment, and THX is not, it's something much deeper, much clever and interesting.

So, concerning the series, I think it could be very interesting just cause they are many possibilities. Let's hope it will be good!