I really like this idea, for the simple reason that what made the original movie Star Wars so great was the editing. All the unnecessary stuff that got cut out tightened up the movie and made it so much better than it might have been. As the saga progressed, the trend reversed, until the prequels were so burdened with integrative details. The prequels show us just how bad Star Wars might have been.

With each successive movie (meaning, in order: 4-5-6-1-2-3), you can probably cut a greater and greater percentage of unneeded stuff, and if done well could improve things. Great concept!