It's dead end with that character, even he writers dropped him from the story he was supposed to be important and killed him like throwing a garbage. First impressions are everything in this medium and Venditti dropped a huge ball here. Only internet critics who suck up to get support from market can give positive reviews to this mess.
My take would be introducing the REAL Wally from an alternative universe/dimension or big brother to current one who was lost. This would make this kid a new character and let him go on his own way. Because if your name is Wally West, expectations will be big and you can't deliver it at age 12.
I'm afraid that's what the plan was in the first place. With this Wally will never be Flash again besides a quick gimmick once a month and he won't be able to hold his own book. He lost all his importance in DCU so he doesn't hold a threat against Barry's reign as Flash anymore.
I wouldn't be surprised if 10 years from now on Wally West would be completely forgotten and stuck at depths of limbo. Poor guy.