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A re-edit of the entire Twin Peaks story is a great idea. The only problem I see you runing into is Donna.
The thing I would love to see removed is the entire James & the Rich Woman story from the second season.
Oh! And cut down the Little Nicky stuff to just a little joke, not a major plot.
I have the Twin Peaks trading cards if you would want to use them as stills for a DVD extra. I also have the rare re-mix Extended Play CD.
I LOVE T.P.
THX-1138