I agree with you for sure. Any extra money spent should have been on another director and a screen writer. The designs and most of the characters in the PT were just fine and in many cases great. It was like you say the screenplay and acting that is the problem.
Darth maul was awesome. Qui-gon was awesome. The best of actors and characters can only do so much when they have garbage to work with.
Lucas wanting to sell as many toys as possible reminds me of how the 1986 transformers movie was ruined for the same reason. That movie was used as a 2 hr long commercial to sell the new toy line and they killed off or changed all the characters people loved and had an emotional attachment to so they could make room for new toys to sell. People went to see that movie to see the transformers they grew to love and ended up getting cheated. for a good laugh though any transformers fans should watch this. its the funniest thing I have ever seen.
Optimus is brought back to life and he starts cussing cause iron hide is dead and ratchet and calls rodimus a bitch "who the fuck is this autobot" lol. this guy made a masterful skit.