Feedback for the first 45 minutes:

I don’t love the new text introducing the second age. It seems too on-the-nose, especially if the films are viewed chronologically.
The transition from the paper boat to Finrod is abrupt. Is that the best line to enter on? Could music smooth the transition more?
I still don’t love Finrod’s advice and would like to see the whisper removed so that we instead get his follow-up response of “You must learn to discern for yourself.”
Why is Finrod expecting to not always be there? I don’t understand why that line exists and think it undermines the whole no-death paradise vibe of Valinor.
Could we trim the line about the symbol being one that “even our wisest couldn’t discern?” Just cut it after she says that Sauron marked his flesh.
I had a lot of mixed feelings about the frozen fortress sequence, but I suspect that the important parts will be revisited eventually in season 2. I think your cut and transition is perfect. It keeps ends the prologue with a similar tone to Fellowship and tells us everything we need to know.
The Elrond and Galadriel scene is much better without the ice scenes. It now introduces the characters fully and gives us new information about what Galadriel has been doing.
The transition to the Southlands feels like an abrupt cutoff of the Lindon sequence. I’d like more time there before moving on. This was a major issue for me with the series too, especially early on, too many skips between plot threads in close proximity. And then this sequence too is over almost as soon as it starts and we’re back to Lindon. It leaves me almost dizzy and not feeling invested in either story.
To show the passage of time between the ceremony and the night, would it be better to move up part of Gil Galad and Elrond’s conversation about Galadriel? I realize that this might also require scrapping the initial intro of Celebrimor or using part of this scene later (or as a voiceover?).
The jumping back and forth continues to bug me. There seems to be no good point at which to introduce the Southlands story.
The reduction of Arondir and Bronwyn at her house works well. It doesn’t remove their relationship, but it implies that he is officially there on business.
More jumping back and forth, sort of implying the passage of time and sort of not.
I wish that the leaf falling and Gil Galad picking it up was earlier, like at the night of the farewell party. That way we’d get it clearly as part of his thinking that he explains to Elrond.
Musically the arrival of the Stranger is linked to Galadriel jumping off the boat, but I’m not sure that it really serves her story to break away like that. In keeping with my prior point, what if we had the ceremony, Gil Galad taking w Elrond, the fireworks, Elrond talking w Galadriel, then Gil Galad and the leaf, followed by the meteor that same night? We could then break away to the Harfoot story while we allow the boat time to cross the sea.
The introduction of the Harfoots with Nori seeing the meteor and then she and Poppy approaching the Stranger works surprisingly well. It doesn’t feel like much background is missing.
Why is there a location map shot in the transition from Nori to Nori and Poppy wheeling the Stranger away? It breaks the momentum and makes me think that we’re changing story threads again.
Consider the number of day night transitions in the Southlands story. Arondir and Bronwyn leave in the day, arrive late in the day at the destroyed village, watch the meteor, scout the village at night, and then she runs back to town in day, while Theo tends a fire indoors (in day?), she arrives at the tavern in day, fights the Orc in day, tells the people at the tavern about it at night, and then packs to leave the next morning? The time passage here is a problem in the original, but it’d be worth trying to smooth out where possible.
I’m not sure it works to shorten Arondir’s trip through the tunnels, especially skipping the part where he enters the water.
The abbreviated raft sequence works well, though without the racism and disinterest in working with Galadriel, it makes her abandonment of the other people seem pretty cold.
I understand the desire to tighten the Orc in house fight, but it seems like parts are clearly missing. People change position too quickly multiple times. It’s very noticeable.
The onset of the storm is too sudden. Even though the original had an overly quick transition, this comes out of nowhere and feels like something is missing. I’d say cut the whole storm sequence except that it’s used to very good effect in the finale with her sinking and Halbrand not saving her. Im guessing that there would be issues doing this cohesively, but would it be possible to skip the sea monster and imply that Galadriel is sinking on her own, then is rescued by Halbrand and his raft?
Again, I see that you’re trying to cut the fat, but there are too many questions in this edit about why Theo has that sword hilt. You need the earlier scene, maybe even in place of this one, to introduce it.
The scene where the Numenorean ship finds Galadriel and Halbrand is very short and seems disconnected from the scenes around it.

Summary of Thoughts So Far

Taking this roughly 9 hour season and turning it into a 3 hour movie is an ambitious project. You’ve done a good job weeding through the content to pull out the most important parts. Your decision to skip the ice fortress worked very well, but not every omission was that clean. You’ve lost some of the connective tissue that is needed in order for some moments to make sense.
You set out to make Galadriel less antagonistic and more dignified. I think you’ve succeeded this far.
One of the biggest challenges in any adaption of this content is the juggling of so many plot threads. Here, as in the series, I find that the story often jumps too frequently snd dramatically for me to follow or fully invest in the characters and events. At the same time, I understand that separating the threads out can lead to awkwardly long amounts of time away. Some of that could be managed if the cutaways were to happen during travel, like while Galadriel is en route to Valinor or while the Numenoreans are sailing to Middle Earth.
Bottom line, this is a rough cut of a very complex project. I’m very glad that you are working on this. I’ll finish watching this version and continue to watch the thread to see where this one-film edit ends up. Thank you for sharing your work and for being the first to take up this epic task.