There are alot of moments that were cut from the movie that help it out more.
Cutting the Biggs stuff, luke looking up at the sky, Han meeting Jabba and being given info we already learned from Greedo.
But overall, there is no such thing as a good first cut. Everything we love was shot, and there is no way Lucas would have discarded it. We may have ended up with a slower movie overall but we would still have had 99% of what we loved about the movie.