I've thought about creating my own edit, and here are the scenes I would be cutting.
1. Cut the Entire Nuke and Bomb Town sequence. Show the morning sunrise after escaping the russions, Indy walking onto the rocks and overlooking the valley, fade into the campus where Indy is Teaching.
2. Cut the attack in the graveyard, serves no purpose and works better without it. Still have mutt saying "I think I saw something" without actually seeing anything, and Indy responding "Your Jumping at Shadows". Cut it this way, and he really is just jumping at shadows. Cut from Indy helping Mutt up and cut directly to them now inside the cave.
3. Shorten the reunion of Marion and Indy. Eliminate Marions cheesy "With anybody but you" line. She is just WAY to happy. Cut right after Indy says "Why, are you looking for a date?" directly to Spalko's "So Dr. Jones, you'll help us." This also gives Indy the last word in the argument. Also in the same sequence, cut Indy's "Same old, same old".
4. I would be cutting the 3 waterfalls, so I would have to eliminate the drops 3 times dialogue with Ox. Cut from "I need a pen and paper", to Ox completing the drawings".
5. Shorten the Dry Sand pit sequence. It just goes to long. Last part of this scene shoud be "It's a snake, what do you want me to call it", and Indy grabs it. Get rid of the call it a rope sequence. I liked the can't you find a rope and Sears line, but having everybody actually call the snake a rope was just bad.
6. The jungle chase and Monkees. This can be fixed. Too much to go into but a couple of notes. I like Indy's "Stop being a child" line, but cut Indy's "Find something to fight with". oh look how convenient, he told me to find something to fight with and look, Spalko's swords. I think it would work better if Mutt did this on his own. Get rid of Spalko shouting "JJOOOOOONNEEEEEEESSSS". Get rid of Mac's first "JOOOONNNESEY!!!!!!!!" It works the second time when he looks at him and says it softly, just before Indy says "Hi Mack" and then knocks him out. That feels like Indy. Cut the plants hitting Mutt in the crotch, re-cut the hand to hand fight between Spalko and Mutt, cut the CGI monkees, cut the 3 waterfalls. I'll post my re-cutting of this entire sequence when I'm happy with it.
7. Increase the tension of the water steps, and don't show the water 2 feet below them just before the fall.
8. Mac and the greed regarding the jewels in the tomb has been done time and time again, with National Treasure, the Mummy Movies, and even Goonies. Cut as much of this as possible.
9. Finally cut the School promotion, go from "Somewhere your grandfather is laughing, to the wedding"
These are the cuts I will attempt to make, they may work, they may not. But I'm looking forward to trying it. Have fun everybody!