Bump...
Did anyone ever get a chance to watch this? I'd be happy to hand this concept over to someone with better editing skills than myself.
However, the edit is complete and IMHO fixes Episode 1 on a far larger scale than anything else I've seen.
After watching the Red Letter Media review... I realized one depressing fact: Jar Jar was the original main character of The Phantom Menace. A clumsy Gungan is down on his luck, banished from his people. A couple Jedi show up, save his life, and drag him with them on their journey. As a character, he grows to be more confident and better respected. He then unites the Gungans and Naboo for the first time. Due to his diplomacy, he is allowed to rejoin his people and is promoted to General.
^How sad is that?
By removing the Gungans, and leaving Jar Jar on Coruscant, the focus shifts to the Jedi, and particularly Obi Wan, who starts as a Padawan who disagrees with his master's ideals, and progresses to a Jedi Knight who upholds those ideals.
TPM will never be perfect, but I believe that this is the Ultimate way to view it, especially in a marathon.