It is possible for a project to reference both EF4/EF5 (SDE.dll) and EF6. We should consider either supporting these scenarios in the designer, ensuring the latest version is always used when possible and failing gracefully when it is not.
Comments: Related work item: https://entityframework.codeplex.com/workitem/1178
Comments: Related work item: https://entityframework.codeplex.com/workitem/1178