But one thing that lept out at me was, no matter how much you edit that movie, one of it's biggest problems is Grevious (to me, anyway). His awful, simplistic, 2-dimensional dialog makes him no better than a moustache-twirling bad guy in a black cape. He REALLY hurts the film for me.
But, as has been pointed out here, new dialog can be dubbed for him, which I think would go a LONG way towards improving this movie. Just cutting out his coughing and laughing would make the character so much less offensive.
Perhaps less is more with the General, and instead of replacing ALL his dialog, simply cutting it out and adding speech only where absolutely neccessary would make him more sinister.
I really wish the Phantom Editor would take a stab at Episode 3 - in my humble opinion, "Attack of the Phantom" is the all-time best fan edit ever and I'd love to see what he would do with the last installment.