I would love this. I was disappointed (though understanding) when Ady cancelled his Prequels:Revisited plans, and similarly when Aalenfae’s prequel edits fell apart due to computer failure, which were something like what you’re envisioning. I think it’s been talked about before around here as well, particularly as regards using alternate takes of scenes, in the faint hope that alternate takes might suck less; I have my doubts.
Of course, it’ll never happen.