Having had a bit of a think, I definitely see potential for two versions
Take 1 could be “No Regrets”, which would still include next week’s episode six, while trimming down episode five considerably, maybe lopping off 30 or so minutes
Take 2 could be the more unique one…an edit where the Flag Smashers are largely stopped due to Karlie realising she’s gone too far.
After John kills the Flag Smasher, we follow him through the battle with Sam and Bucky, then his court martial and discharge, but edit out his meeting with the Countessa. Sam visits the former super soldier and there’s the big history lesson/BLM lecture, then the talk with Bucky at Sam’s home, then Sam talking with his sister, then we end the film on him training to be “the next soldier”. End the film here. Post-credits can be Walker forging his own shield (just like the actual mid-credits of episode five) and a bonus post-credit scene of Zemo dancing in the club to George Michael’s “I’m Your Man”…because in THIS version, Zemo isn’t taken into Wakandan custody and escapes
I totally see your point, and obviously this is your edit, but I think that for me the emotional core of this show isn’t resolved. Character arcs are left unfinished except for Sam. We REALLY need to see Bucky apologize for Yori’s sons death. I also like thinking of this in a three act structure. Act 1 is the first two episodes which are easy to rearrange in many different ways. The first half of act 2 could be 3 and 4 if they could be cut down into 45 mins total. John going insane could be the midpoint. Second half of act 2 could be 5 cut down because it has that natural hero downer moment, then the hero decides to fight. Then 6 is the last act. I think this might have been their entire plan for a movie, and then decided they’d do a show instead. That’s just speculation though. I’m really excited to see your edit when it’s done!