Erik Pancakes said:

That's pretty much what my plan is for that sequence - follow Bilbo when he falls, then we don't see the Dwarves again until he does.

I'm also considering having Thorin/Azog's battle occur off-screen - cut to black when Bilbo is knocked out, then fade back in as he wakes up. Because that fight was awful, and doing that will let me cut out Tauriel and Legolas easily, too.

Same thoughts here. It's almost too perfect how just going through the movies and intuitively cutting the most gratuitous/silly parts immediately brings it closer to the book.