Looking at what you guys have commented on, there is a probably one best way to do this. I will make a a film effects/colour timing adjusted version (with minor recolouring only, changing blue to OT blue, green to match OT green, purple to match OT purple, interiors of spaceships are recoloured gray) for V1. I can then later on do a V2 after I finish my own Prequel edits.

This is really the best because some people don't mind things like the purple lightsaber or blue lasers and such. Plus I could release it out in a reasonable time, say this year. But for a V2, I could do more drastic recolouring (which specifics can be discussed at a latter time) and some new CGI. This V2 would take longer, but would be worth it in the long run.

But, even though V1 wouldn't be as drastic, it will still be something no one has seen before in terms of prequel color correction.