Combine Eps 1 and 2, then you will be a man. It'll be called "Attack of the Phantom" and start with the jedi running out of gas and needing to stop on tatooine with the queen's ship. The back-story of why they're in this situation need not be given since it's pretty clear they're just running away from some assassin. We didn't need so much boring stuff to establish this. They find anakin, bla bla bla, everything goes almost exactly the same until we get to the end "Your apprentice, Skywalker will be." Use the new cgi yoda for this, though. The original looks like yoda's grandfather. Blank screen, blue letters, ten years later in a galaxy, far far away.... The queen's ship comes in for a landing on coruscant as usual, all hell happens, the jedi police are called. Whatever your ep 2 edit is could probably fit in here and that's all.

Yes, this could be epic, like the first 3 hour star wars movie. Take this pony and ride it, man.