I think he should make a cameo appearance. Fox needs to assure its' audience that there is some continuity in this series and carefully placing Jackman's Wolverine into the film could help viewers see the scope of these stories. Plus, you can put him in the trailers, which would rake in 20 mill extra for the film.
This is why I prefer what DC is trying to do with their properties. They put their characters in stand alone films where other DC superheroes don't exist. It allows the viewer to simply soak in that particular character rather then get confused in a mess of sub plots and superhero hierarchy. I can't stand that Marvel's movies have become long commercials for future movies. They aren't films, their expensive pitches for future pitches. When I watch Fox I'm reminded why I want to write films in the first place; because the people at Fox doing it today are very dim bulbs. Fox doesn't seem to know what it want out of the X-Men franchise except for, of course, money. I mean, whoever approved the script for X-Men Origins: Wolverine should have been taken down to the cellar and clubbed like a baby seal... Wait, you mean the protagonist loses his memory at the end so, technically, none of the dross I watched for the previous two hours even mattered? Great! Sign me up, I want to see that movie.
The approach DC seems to be taking, minus the idea of the Justice League film that got squashed, seems to be the ideal approach. Viewers are allowed to focus on the main plot of a particular film and won't get tied down trying to understand how what they are watching effects other elements in the grand scheme of the universe. The Green Lantern film seems to be taking this approach. I think it appears all the better because of it.