http://originaltrilogy.com/forum/topic.cfm/Star-Wars-Prequels-35mm-4K-Filmized-Editions-by-Emanswfan/topic/15033/page/1/

I don't know the status of this, but it seems to be the best bet for such a re-graining.

As for fixing episodes 1 and 2, I think that TPM could be vastly improved by changing Jar Jar's character through a new voiceover, making him possibly more of a wise jokester and someone who actually has good advice on occasion.

It would be interesting to start the edit on Tatooine, if only because that seems like the natural beginning of Anakin's story. I think there's a lot of potential in those scenes, especially in the podrace if it can be cut down and strengthened. Mostly wrapping up the story with the Tatooine scenes in Episode 2 may be a bit anticlimactic, but would at least bring the new edit full circle. Perhaps some expository flashback on Naboo at the beginning of Episode 1 before the Tatooine segments, then the marriage scene on Naboo ending the edit.

Anyway, just kicking around some ideas. Good luck with your edit!