When you initialize the model, all you need is the metadata for initializing the SAPUI5 OData model. As long as the metadata is syntactically valid it should not be a problem. The EntitySets are only required when you assign an aggregation to a control using this model.
Update:
Its possible to get the details of the metadata from the model & create a new JSON model with it.
var oModel = new sap.ui.model.odata.ODataModel("http://services.odata.org/V2/OData/OData.svc");
var metaModel = oModel.getMetaModel();
var oEntitySet = metaModel.getODataEntitySet("Products"); //For getting properties of an Entity Set
//For Entity, you may have to provide the service namespace along, in this case ODataDemo
var oEntity = metaModel.getODataEntityType("ODataDemo.Product");
The oEntity object will look something like this

With this you can create a new JSON model as
var oODataJSONModel = new sap.ui.model.json.JSONModel({"Selection" : oEntity.property });
Here is a working example