There's no point in us reaching the champions league without some sort of European pedigree, experience and a squad that knows how to compete on multiple fronts. In short, next season our champions league chances will more than likely be diminished (but it isn't impossible) by the Europa League, but if we have any kind of long term view of being in the champions league more than a one season Tottenham cameo, it's essential we give the EL our all and not use it as an excuse, because if we do ever make the CL, it'll be the same scenario except the midweek games will be of an even higher standard.
I think where clubs like Villa, Newcastle and especially Tottenham in years gone by have come up short is thinking the CL is the be all and end all, it isn't. Liverpool would not have done what they did in 05 and 07 if they hadn't been used to UEFA cup runs in the years preceding. The last time we had a run in the Europa League, our league form wasn't that noticeably different to the seasons either side. Winning breeds winning. As a club, our biggest problem is not consistent league form, it's cup winning form and being in the EL just gives us another opportunity for another shot at putting that right.
It also exposures us to a different style of play which will bring all our players on and gives us another opportunity to build up a feel good factor within the club. We say we don't have the squad depth of the teams around us, but in the likes of Naismith, Pienaar, McGeady, Mirallas, Deulofeu and Barkley (and potentially Ledson, Green and Dowell) we have a variety of attacking options, the area most important for squad rotation, that are all of a similar quality that can easily be rotated for a Saturday, Thursday, Sunday combination.
I'm not naive enough not to see the importance of prioritising the league, but I also think in years gone by, the EL has been used by other clubs as more of an excuse than it deserves to be for poor league form, usually it's one season wonders who were unlikely to replicate that league form for another season anyway or a team that had come up short of CL chase the year before anyway saying these extra games cost them this time around. I can concede it's obviously a factor, but no more than strong league cup and FA cup runs would be and it's definitely one that's overstated and used by managers to cover their teams not being able to follow up form of the year before.