FYI, the “first cut” would be the assembly cut, which is an assembly of every scene and line in the script, which may even include repeated shots from different angles/takes. There’s no polish whatsoever to an assembly cut, it’s just everything thrown into a timeline and put in script order.

My guess is the first “polished” cut was around 2h45m or so. That would probably still include every scene in the script, but in an edited, watchable form, rather than as a rough assembly.