They could do it, sure, but my thoughts in that they wont. Because the people talented enough don't bother with SW. And I don't blame them. The market is so saturated with SW. Seven movies, a TV series, and a million already pre-existing fanfilms. If someone was going to make a halfway decent fan film by now, they would have done so already.

I for one couldn't care less about seeing an SW fan film, no matter how good it is.

I am watching the The Hunt for Gollum right now, and as someone who is not a fan of nerdy obsessive fan made fan films, I have to say this is THE best fan film I have every seen, and ever expect to see. There were actually moments when I forgot I was watching a fan film (and of course others that completely reminded me I was). Gollum was well done, but not well enough done where they ever showed his face, just distance shots and the back of his head. One very breif frame where they do show is face (when his head pops out of Aragorns bag), it was very obviously a shot from one of the LOTR films, and it looked really odd and out of place.