I don't know if a live action series could have worked. Would Hamill, Fisher, and Ford have continued playing Luke, Leia, and Han? If not, then they would have had to be replaced with other actors, and who can say how that would have gone? And what if the series ran too long, and the actors visibly aged during production? That's not a problem if you're working with an open-ended timeline, but an OT-centric series would have had to limit itself to a period of four years. And then there is the budget - a limited budget can make a series look and feel very cheap, even if the writing/acting is strong.

I think an OT-centric series would have worked best as an animated series, preferably back in the 90s, when traditional animation for TV was at its peak and, IMHO, at its best, before digital animation came into prominence and pretty much phased everything else out. That way recasting and age wouldn't serve as major issues, and you could get away with depicting large-scale battles and fantastic worlds without the need for a very large budget.