It makes no sense for it to be the dungeon exotic. I know that rumor has been thrown out there but I'm not believing it until I see it.
Assuming the Lightsaber is not a GUARANTEED Dungeon Exotic:
Raid and Dungeon weapons are never released early, by Bungie, only by leaks. This weapon has been featured since before Edge of Fate came out.
There is a character in the upcoming campaign that has one. Even though this has been done before in other Star Wars games, it would be a fantastic quest for that person to send us on.
From a PR prospective, it would be flat out criminal to put the weapon behind a 5-8% chance of anyone getting it after the contest mode.
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Destiny players have always loved doomposting rumors since year 1 D1. Bungie is evil but not stupid. They certainly understand PR and marketing quite well. That sword will be from the campaign, easy to acquire, and accompanied by a cute "May the Light be with you" remark so the fanboys cheer.