There seems to be some debate over how much of the PT is salvageable.
Here's an idea: Change Episode IV to Episode I, Episode V to Episode II, and Episode VI to Episode III.
Then, make an Episode IV that uses the best footage from the PT as a flashback.
You can start this new "Episode IV" with Luke and Obi-wan in Obi-wan's home on Tatooine and start the first flashback sequence just after "...and he was a good friend."
Scenes from the OT can drive what's shown. For instance, a flashback sequence to the birth of Luke and Leia can be shown after showing the clip of Leia claiming that she can remember her mother in ROTJ.
There's a lot of wiggle-room with this idea since it gives Adywan the ability to pick-and-choose what's best to show from the PT, as he'd be cutting 6+ hours down to 2.
Plus, it'd be great for us OT fans since scenes from the OT would be used to drive the story.
What do ya'll think?