You all may want to check out BionicBob's edit, "The V'ger Incident". It came out last month and has TMP cut to a lean 80 minutes... with a Borg reference at the end.
Some good stuff, some so-so stuff... frankly it's still slow at 80 minutes, but I think that's because some plot threads were removed.
Anyway, it may give you some ideas what to do and what to avoid.