When I was kicking around this impossible-in-reality idea for the Green Lantern Corps, the idea of using alien species from non-DC Universe franchises, was really just for flavor--I had some actual plot ideas as well. The biggest plot point was that Sinestro would be reinstated into the Green Lantern Corps (as he had been during the events of Emerald Twilight). The key to this idea was that it wasn't a short term turn of events to be quickly undone, rather it would be the new status quo--whatever his intentions, Sinestro would have been working with the good guys for an extended period of time:
click above for larger view
Believe it or not, I drew this sketch some time ago, long before the Rebirth storyline--so the resemblance to Sinestro's current uniform is actually just a coincidence. Of course, as a result of the aforementioned Rebirth storyline, it would be difficult (if not impossible) to write a credible story rehabilitating Sinestro in any way, shape, or form. I'm okay with that, because not only do I dig Sinestro's current uniform (I even drew it once... sort of), I think the storyline of the Green Lantern(s) has been hitting all the right notes in recent years. But if Geoff Johns ever gets sick of his job, I'll be glad to take over.