My personal opinion is that the parents don't need to be in the college scenes. You can take a lot of dead weight out of the narrative by dicing those scenes, and they are not missed by the plot at all. The movie's plot is structured in a ABC manner, but there's a lot of stuff between the letters that bogs the story down.

If I were in your shoes, my goal with the Real Effin' Deal cut would be to get it close to the first movie's tone and pacing. There's room in there for some cheese, but restraint must be exercised. If Real Effin' Deal is meant to appeal to a broader audience, then the bathroom humor and most of the footage with the Twins save for the bare minimum are going to have to go. You'll still have Kitten Calendar Cut as your own personal version, so try to remember that if you are feeling hesitation about cutting stuff from the movie that you already like.