Infodroid!
LOVE this edit. The opening is brilliant and feels like the sequel I had always hoped it would be (as a boy, that is).
Got thrown by the flashback at first, but considering what you're working with...
I really wish we could do without the whole airplane sequence where the pilots can't think of any way to kill Indy except to parachute out. Then Indy escapes with the brilliant plan of using an inflatable raft. "I BELIEVE that sh*t -- because he braced himself!"
But all your other cuts are so spot on. The last bugger for me is that this is a prequel to Raiders, yet Indy uses magic words to free the rocks; he sees how the magic rock restores the village-- so he knows supernatural stuff happens-- so why is he so totally skeptical in Raiders?
Nothing you could do, naturally-- so you made the movie as good as I can imagine it getting. Cutting the "heart-ripper" scenes was a surprisingly good idea in my mind. But the opening was your coup-de-gras. GREAT WORK!