I think it would have been okay. He’d be free to do whatever he wanted, and wouldn’t have to worry about things lining up with future events like he had to in the prequels.
Honestly, I think it would actually turn out somewhat similar to The Force Awakens. It would be different stylistically, but the overall “quality” of the film would be similar.
Well… maybe not quite as good as TFA, but still in the same ballpark.