Without stepping into the new 52 landmine, I'm not into the idea of bringing in Wally West for the new few seasons because right now I think he would be a redundant character as his role is filled by Barry and Cisco.
But then again we dont know what the next seasons hold so we might get different versions of Wally walking around like one might be 12 years old in the modern day while another is 24 in a time skip scenario etc.