The Wormhole still allows access to the Gamma Quadrant in just a few seconds.
Also, StarFleet in the late 24th century is essentially about a decade or two away from achieving faster Warp speeds as it is (which would again render the Wormhole a moot point).
There is no real reason to think the show wouldn't be able to work with the technology they have.
The writers would simply have to go about writing the story a bit differently so it doesn't clash with the technology.
Trek pocket books for example seem to get by as do most well thought off fan-fictions.