I'm more aligned with the Topher Grace edit that I read about where the only part of Episode 1 that is used is the lightsabre battle from the end. You have an interesting idea, though.
Is there a fanedit out there of #3 that removes Grievous entirely? I despise that character more than most people loathe JarJar Binks. For the record I think that Episode 1 is a better put together movie than RotJ, JJB or no JJB.