I've tried to imagine a 135 minute OT. I've got ANH (GOUT) down to about 60-70 minutes while keeping as much great stuff as possible.
There's alot of quick cuts between shots for a very fast pace. Eliminate everything not absolutely nec. or very cool.
The greatest change was to cut out the Jawas and the Farmstead:( Nearly everything we learn there we learn again from Luke and Obi. The light is altered so that the droids land in the late afternoon and then walk through the night. At 11:00, in the early morning sunrise, 3PO finds Lukes speeder in the distance instead of the sand crawler, shot of farmstead and vaporators and then 26:50-27:17 Owen and Beru wondering where Luke went. Then 27:24-38:43 Speeder to R2, 3PO repeats Obi's name and then says something like "Master Luke is OUR new rightful owner and you better just do as he says or he'll...", add the STs finding Droid evidence while they move to Ben's hut, cut Luke's "I saw part of a message". After 38:42, add 25:24-25:48 sunset (change backgroud to Ben's place, then torture droid, then 41:49-42:03 "I want to go with you..." Ben's place at night with maybe two moons behind Luke (slight hint that Luke senses torture) Then 42:03...