Wow. No offense, but that would be ... terrible. That would strip all of the depth out of the movie.

I think any 'Watchmen' fan edit should take the future Director's Cut and cut it to match the book a little better, while cutting out some of the cheesy uses of songs (Ride of the Valkyries and Sounds of Silence especially).

And cut out as much Nixon as can be cut out.

Pacing-wise, the only thing that was a problem IMO was the Mars scenes. I know they were their own chapters in the book, but they could have used some more inter-cutting with the main story to make it flow a little better.