On top of your changes, the edit I dream about would remove all the close-ups of the porcupine killers (and the hoverboard chase), and the sword fight would be limited to the fewest shots to make it consistent with the Highlander 'resurrection'. As an intro to the scene I would use the low-lifes marching to Old Connor and asking him if he is Mc Leod. Somehow McLeod would be rejuvenated after their gratuitous attack on him.
I feel that Serious Version could do justice to the movie : You get my vote !
Personally I would let all of the Connery scenes as the only comic relief of the movie but that's just me !
PS : What do you think of my suggestion on the killers ?