Sounds great! The beauty of SW prequel fan edits is the buffet of options to suit your tastes. I know that, for example, mixing and matching my and L8wrtr's edits doesn't cause any continuity problems. I even made a spreadsheet of which edits make certain changes that would affect their continuity with other edits!

You'll definiey want to get V3 for now. DrDre is understandably taking a while mixing the PT deleted scenes into his workflow of OOT preservation. Even then, it'll take a while to encode and upload. It's 100% finished, save for the upscaled deleted scenes.

It sounds like you've informed yourself about the content of the edits, but be advised that my Ep3 is the most controversial of the set, and there have been a few people who enjoyed 1 and 2 only to stumble over 3. Depends on what you're looking for. Though, to my mind, L8 is a great set of edits if mine leave you wanting, and either are great lead-ins to a viewing of the Despecialized OT in advance of TFA.

(Verbosity FTW, once again)

Edit: Oh, and schorman13 announced that he is doing a V2 of his preservation right after I announced V4 of my edits. I can proceed with Ep1 regardless once DrDre is finished with its deleted scenes. Schorman is doing Ep3 first, so I may upload mine out of sequence. It'll be worth the wait for the archival edition, as I'd hate to leave quality resources on the table.