There is a lot visually in Krull that is right and matches some of the story feel of TPM (both were rather cynically manufactured to cash in on Star Wars).

I'm getting an idea for an image thread where people can post their visual mashups of good looking aspects of these sort of films and shows (the Masters Of The Universe film also has some lovely looking sets and costumes) with the PT and come up with some nice new imagery which may be an inspiration.

It may be difficult to show little Anakin as a slave in the manner you suggest (not all slaves are that mistreated remember) but it might be possible to film some inserts of slaves being mistreated and/or pinch some from historical epics and the like and obscure them in such a way that they fit and manipulate shots so Anakin reacts to them. Perhaps as a podracer he gets special treatment too which explains the nice house (other children less gifted, racing in deadly rocket chariots would make that aspect of the story a lot darker too).