Fortunately, I had kept a log of the cuts I needed to make when I attempted this last year. I've alterred it here to reflect the new attempt and the better sources. I still may change where I make or source certain cuts, but this is to give an idea of what I have to do (I'll also be rechecking both versions to make sure I didn't miss anything):

SOURCES:
* #1 - 198? DVD (from VHS) of original HBO broadcast (aka v1)
* #2 - 1996 DVD release of rebroadcast (aka v2)
* #3 - 2005 DVD release of above (v2), but with less footage
* #4 - 2005 DVD's Deleted Scenes section (upgrade of some v1 footage)
EDITS:
01 - #2 - logo opening (from later releases) and Kermit's intro
02 - #3 - opening titles
03 - #1 - Kermit's narration piece 1 (audio)
04 - #3 - bathing suit song
05 - #4 - "wet hat" and "fall off the dock" dialogue
06 - #3 - possum's pumpkins dialogue
07 - #4 - washtub song spoken intro
08 - #3 - washtub song
09 - #1 - Kermit's narration piece 2 (audio)
10 - #3 - all scenes from here until the talent show
11 - #4 - "shaky start" dialogue
12 - #3 - dancing rabbits and rest of special until...
13 - #1 - Kermit at the inn/beginning of last scene
14 - #3 - finale into credits
15 - #1 - original Henson copyright from end credits
16 - #3 - Henson end logo from later releases, as an added bonus
TOTAL RUNNING TIME:
52 minutes, 0 seconds

So there you have it, including four things that never turned up on any official release. It's plenty to fix, though Muppet Family Christmas will be a much more difficult edit by comparison. Can anyone make an NTSC conversion of the R2 DVD?