The licensing would be by world/setting, so if they call it Greyhawk, won't they need to pay more for it?
I know there are purists who want an exact replica, but IMHO it doesn't matter where they put it or access to it. The content is more important than the flavour. We're not really seeing much difference in the settings anyway. You ain't going to meet Mordenkainen anyway.
I do think it needs Hommlet to some extent, otherwise it will just be Thunderholme re-skinned. Hope they change the map....

It depends on how they set it up.
Ideally it should be a wilderness area with Hommlet and a few separate hidden discoverable entrances.
TOEE was a low to mid level adventure - I doubt they'll stay true to that with a desperate need for high level Epic quests.
How do you think they will "epify" TOEE (ps. badly goes without saying)?
If they aim for lvl 30 content, will we have to fight Elder Elementals, Demi-gods and gods to have any challenge?
Maybe they'll copy paste MOD mobs and rationalise it somehow?
Or maybe they'll use those kobolds from e3BCC with 4m HP?