Not sure if this has been suggested before, and I don't really want to dig through 234 pages of ideas, so here's mine.
What if we deleted The Phantom Menace altogether and, through reconstitution of deleted scenes (as well as little bits of TPM) make Attack of the Clones and Revenge of the Sith into three films?
It makes sense imo, as TPM is basically completely inconsequential to the saga, but it would probably be pretty hard to execute.