Sounds interesting. I personally love the LOTR trilogy (I prefer the theatrical cuts, but I enjoy the extended ones as well) and think about as close to perfect as one could hope for so I've never really seen the point in re-cutting it, but this sounds like a pretty interesting concept. The LOTR trilogy was originally written as two movies, and Miramax was going to have it cut down to one before it moved to New Line, so it would be interesting to see how the trilogy works in only 3 hours.

Given the history of the trilogy, maybe you should consider calling this "Lord of the Rings: The Miramax Cut"? :D