Yes and kind of.
Yes to your question about Sinestro, it has been confirmed that he will not be any kind of villain in this film as it was in all three recent origin tales about Hal.
Kind of that Sinestro caused Parallax to go after Jordan. Parallax was they fear entity that was imprisoned within the Central Power Battery on Oa by the Guardians. Parallax weakened its power over the spectrum that is why a GL needs willpower to overcome great fear could master the power ring. When Sinestro was later imprisoned in the Power Battery himself, his yellow ring tapped into Parallax's power and awakened it since they shared the corresponding spectrum power using the yellow impurity. Sinestro points to Jordan as a tool of getting revenge but Parallax does all the work to influence Jordan and cause his temples to go gray, etc. eventually leading to his release and possession of Kyle Raynor. While Sinestro nudged him that way, Johns even rewrote that in saying that Parallax knew of Hal Jordan through the Guardians discussions that he was the greatest Lantern in the Galaxy and he only used Sinestro as a way to find out what he looked like and where he was.
Now all of that is wiped out by having Parallax freed without Sinestro and Parallax serving time together in the Power Battery. Unless they are planning for Sinestro as a villain for number three, you won't be able to mimic that history. Now they retconn'd Legion out of the comics but the storyline remains so its possible we'll see some of the Sinestro Corps portion of Parallax in there but its really difficult to say how they'll attract Sinestro to Parallax. Not to mention that in the books there is a huge push to make Sinestro more of an Anti-Hero with a chip on his shoulder against Jordan instead of an overall villain so we'll see how that plays out into the film version which really defects the Parallax angle where Sinestro aimed to destroy and replace the Ion based Green Lanterns and replace them with a more militarstic Sinestro Parallax based Corps.
