I think Captain Sulu works better in novels than as an ongoing show. And remember, even if it were Star Trek: Excelsior, the same tired creative team probably would've been behind it. So we'd have 7 years -- or less -- of a somewhat weak ST entry, once again.
I wonder if Tuvok would've been in an Excelsior show, though? And if any of the actors cast in VOY would've been cast in different roles in the show? Hmmm!