Stevie's probably reluctant to record an EP's worth of songs, for the same reason Mick said Christine was reluctant to record a few new songs with the band in 2002 -- she's afraid she'll get roped into doing something more than she wishes to.
I still can't say I blame her, no matter how much I personally want new music from her in any form. She may say "the world doesn't want to hear 14 new songs," and that "there's no time in our lives to spend a year in the studio," but what she's really saying is, "If there's any hope for Lindsey & I to remain on speaking terms, we'd better just stick to touring."
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