I've started the project several times now.Initially I started with Revenge of the Sith because it was freshest in my mind and the one that was bothering me the most. I had about half the film edited when my computer died on me. So back to square one and started again. This time it went faster and smoother as I had learned a lot from my first attempt. Unfortunately real life reared its ugly head in the form of my mom having a heart attack and the project got shelved for a while. Eventually I came back and decided that I was going to start from the beginning and work forward, and that's when I started work on the Phantom Menace.
Right now I'd say I'm about 75% complete on TPM as far as the physical edits and dialogue replacement go. My next step will be effects. Luckily there's not a lot for me to do in TPM besides a new opening crawl.
AotC will be harder as my intention will be to, for the most part, recreate the Attack of the Phantom edit. If there were a DVD quality version available I'd use that as my base, but alas if there is I've been unable to find it.
The impending release of the BluRay Saga also gives me pause. Do I continue with my efforts now, or put them on hold until I have HiDef source material? I'm also curious as to what tweaks George and the crew will have implemented this time around. I fully expect the Yoda puppet in TPM to have been replaced at the very least (footage of the CG Yoda replacing the TPM puppet can be seen in the Documentary Empire of Dreams).
For the sake of consistency and because the TPM Yoda puppet was laughably terrible, I'm considering waiting for the blu release to see if they've made that switch.