It would be in the spirit (though not as cheesy) of the Wookiee book of fairy tales made famous by Mark Hamill enthusing about it in interviews.
A new Jedi could be created and dropped into the council scenes (replacing one of the more silly aliens) and it could be just a little side scene setting up the whole saga with him telling the story to a child (and us).
It would make for a nice fan-film in it's own right but blended into the PT it could add depth which is currently lacking.