I like a lot of the ideas here. But I will say one thing, and that's, imho, the story of the PT does not need to be changed all that drastically.

The main things that need to be done is, re-editing scenes, cutting some dialogue (like, the balcony scene in EP III *shudders*), cutting Jar-Jar's screentime, re-inserting deleted scenes, stuff like that. lol But taking out the entire Yoda v Dooku duel in EP II and taking out the entire gungan battle in EP I would be too much, imo.

Also, I REALLY like the color edits on here. Just one thing, be very careful that you don't take out ALL the color in the process. Some desaturation is necessary, but people do tend to get carried away sometimes.

This is exciting! :D