I don't really like the idea of making a movie-length review of a movie just because you hate it so much. To me, that kind of crosses the line from "entertaining" the way The Nostalgia Critic and the Angry Video Game Nerd are, to being downright obsessive. It seems kind of like the guy who refuses to stop complaining about his ex, not because she's every bit as bad as he says, but because he's still emotionally attached and can't let her go.
I have a better idea: instead of making a 70 minute movie complaining about everything that's wrong with The Phantom Menace, why not try and fix it? I'm sure that the Phantom Editor could have just made an angry video review of Episode I if he wanted to, but rather than just complain about the movie he actually did something, and helped launch what would become the fan edit movement.
I think it's a waste of time to invest that much time and effort into a movie that you claim you despise, only to come out at the end saying you still despise it. Likewise, why should I spend 70 minutes watching a movie whose only reason for existing is to tell me why I shouldn't like another movie, when I could spend that time watching a movie that I will enjoy? I hate Jar Jar Binks as much as the next guy, but I can think of plenty of better ways to spend 70 minutes than watching someone angrily dissect a movie.