I think this idea sounds great. I'm amazed that a simple idea like this hasn't been executed successfully for SW yet. Color-correction would be great, but don't let the naysayers stop you -- there really just needs to be an edit that simply gets rid of the CGI nonsense.

If you're looking for inspiration, I'd check out Adywan's Empire Reconstruction. It's pretty close to perfection and the edits are seamless. Harmy's ROTJ reconstruction rocks too.

And if you're looking for a cautionary tale, I'd recommend checking out ocpmovie's Classic Edition, which attempts exactly what you're describing. Unfortunately, the cuts were so jarring that it ruined the whole thing.

The Partially Despecialized versions are wonderful, but you're right, a lot of the VFX are still there. The scenes in Mos Eisley -- with the extra creatures and annoying little robots flying around -- need to be replaced. In his defense, the GOUT versions of those scenes are pretty horrendous, so replacing them without being too disruptive would be a challenge. But there's a lot of great work being done with the GOUT, like Darkjedi's work. I wonder how seamless it'd be match those up?

My two cents: between Adywan and Harmy, Empire and Jedi are pretty well taken care of. SW is the only one that really needs some love and care.