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Interesting theory that he might get an Oscar nod by playing the political game, it's worked before, but Lucas would have to do something other than Star Wars. Not for anything nontechnical (well, maybe a best supporting actor, but I can't see it with this cast).

GL might feel like he deserved an Oscar, but ANH wasn't an Oscar-type film and, to be honest, Lucas isn't a good dialogue writer or director of dialogue. His visions are too big and so is his ego.

He only directed 5 major films: 4 SW films and American Graffiti. All of "his" films were as producer or executive producer.