I'm actually reassured by Laser's point about there actually being metal in the gunpowder. It's good that this is the case, as I can't imagine how the gunpowder segment could be effectively cut out - doing so would seem to create either a jarring, clunkiness here, or else create a continuity error with regards to how Indy actually found the box. It might be more neat, then, if the gunpowder set-piece was left intact.

I originally thought that cutting straight from asking for a compass to the shotgun shells would work, but thinking about it, doing this cut would mean that it is never explained that the box/skull is magnetised (unless we cut after Indy talks to Spalko here about the contents of the box being magnetised, but we can't leave in this speech as Indy mentions gunpowder). Would it not perhaps look strange if Indy asks for a compass, then is seen to be receiving shotgun shells, climbing on top of boxes, dropping them, having the shotgun shells whizz into a box - if the audience wasn't aware that the box was magnetised, all this would seem confusing possibly.

Still, there may be a neat, continuity-respecting cut that is possible here which could avoid this problem. One cut I could imagine maybe working is cutting from Indy saying 'the contents of that box are highly magnetised' straight to him saying 'do you want my help, or not?', omitting the line about gunpowder. But as this speech happens right in front of the camera, without the perspective changing in any way, it may have to involve morphs, or other such tricky techniques to make this cut work.

But after the revelation of metal being in gunpowder since WWI, I can finally enjoy the gunpowder sequence as it is in the theatrical cut! Well, at least know that it makes some sort of sense!