I think it would be correct to say that all films in the franchise are "black sheep".
The first film, in and of it self worked, and it is good.
The second film was garbage, and pretty much everyone pretends it doesn't exist.
You've trashed the third film, while being questionable in its continuity, is quite enjoyable and really doesn't suck too badly.
The fourth film was a horror I've tried to forget. Combining Connor and Duncan? Ugh. The unbreakable move or whatever? WT?
Highlander 5? Pleeease. It was recut so many times, you'd think it was a Matrix fanedit. It might as well have been made in Canada by The Asylum direct for the SyFy channel.
H3 is the closest thing we have to a watchable movie outside of H1. Wouldn't it just be a better to keep the movies and TV series separate entities and make #3 continuitous with #1 (or for that matter #1 continuitous with #3?) and just smooth things out a bit.
Is continuitous even a word?
Curious to see your change list though.