Half the problem with the EU these days is trying to fit in "everything before it" including retconning the previous retcons to satisfy a presumably ever shrinking minority of fans who actually care about that stuff.
Another problem is Lucas' meddling. It seems like he shows up at the last minute to screw around with the story and everyone just bows to him because he owns Star Wars. I guess this is asking the man to show a little restraint and allow others to be creative around him, and maybe that's too tall an order, but I think it could be done. He's not planning to make any new movies (right?) so it could work. Trouble is he's making that TV show.
A reboot would only work well if they just jettisoned the previous EU in the process. Once you start this new series, you'd have to stick to some kind of consistent storyline if you're going to go that route. A starting point would either be looking at the six film saga alone, or the original trilogy alone (before Lucas screwed his own continuity way worse than anyone could have imagined in the early 80's).
How do you maintain a consistent story line, you ask? Get together and create a "Writer's Bible." Make everyone contributing to this new EU stick to it. Plan stuff out in advance, too, that helps. In short, do things the opposite of how Lucas does them.
That, or as someone suggested, DON'T BOTHER WITH CONSISTENCY and just make each book/comic/game/etc (or "series" by an author) a self-contained story set in the basic Star Wars universe, and don't even pretend you're not doing it.
And finally, I know it's the human thing to do, to have every two bit hack writer make it their "dream" to write Star Wars stuff to try to make a name for themselves or revitalize a flagging career... but really, don't bring in people as favors or whatnot, stick to people who really want to contribute quality stories to the universe, not self aggrandize. It has got to be possible to do these stories that are actually written well and planned well. "Fanservice" only belongs in the games, period.
How this could be done realistically is that the regular EU would continue its life-support downward spiral as normal, but you'd have a seperate "continuity" of EU, say the New Expanded Universe or something, with either the stand alone stories set in the same universe (a bit like "infinities" but without the self-sabotaging suckage like it's a "magical reset button/mirror universe" crapfest) or else the pre-planned, stick-to-the-writers-bible universe.
I believe Marvel comics had a secondary continuity with their "Ultimate" series, and before that DC had their "alternate Earths." These universes don't have to intersect (and probably shouldn't) nor should they try to "resolve" them into one continuity with some absurd plot device, just put them aside and take away all pretension that you're going to try to keep all those now conflicting stories straight from the old series. You have to start somewhere, so only the six "Episode" movies (or just the OT) would count.
Let the concept of "canon" rot, or just redefine it. Series 1 (old stuff), Series 2 (new continuity).