Until talking with Brice it wasn't clear to me how to create a new application that targets an older version of EF. Apparently, the expected approach is to add the NuGet package or add a reference to S.D.E. before going through the wizard. This is fine and makes sense, but is not easily discoverable. It would be nice to have a bit of documentation on the version selection page probably just with a fwlink in it explaining how to target different versions of EF if desired.
Related: see https://entityframework.codeplex.com/workitem/1474
Related: see https://entityframework.codeplex.com/workitem/1474