If it doesn't do well, then whether LFL wants to release one every year or not won't matter. Warner Bros. is distributing this and even if it breaks even, they may decide that that isn't enough to warrant a new one every year. At that point, the rest will be straight to TV or LFL will have to start distributing it themselves.
Let's wait and see how it turns out. My gut says that even with a $20 mil opening weekend it's seen as a failure, even if it does make a profit at that amount. You can't seriously just be expecting only the people that love the PT to come see this. Star Wars is a franchise that covers the OT and PT and if you don't have the OT fans, you won't have a lasting audience.
One final note is that kids don't actually have their own money to spend to go see this. So if their parents, who are fans of the OT and maybe can't stand the PT, don't take them, then they won't be seeing this anyway. So again, you can't just draw in kids without drawing in the parents. I'm sure there are some that don't care about the quality of the movie and just see it as a 1.5 hr "keep em busy" piece of entertainment, but those surely won't last past opening weekend and they won't keep going back to see it again and again.