That might work, I'll play around with both ideas. If I did Episode II-III rather than the flashback structure you suggested, I'd probably try to cut down Episode II much more aggressively than III, so it only makes up about 45min-an hour of the film.

My main reservation around the flashback structure are the ones brought up in the original Machete order post:

You might be wondering if it’s worth skipping II and only watching III, just to establish young Anakin in time for Jedi. I don’t recommend this, every character you need to know for Episode III who was introduced in Episode I is reintroduced in Episode II with a quick line of dialogue, but Episode III just assumes you know who everyone is. Ham-handed as it is, Anakin’s love for Padme is the ultimate reason for his fall to the dark side, and Episode II has most of that. Additionally, without seeing the Clone Army being created in Episode II, seeing the Jedi fight alongside them in III would be extremely confusing, since they look almost exactly like Stormtroopers in III.