In fact there is an edit version very close to scott109 taste, which can be found here:
http://www.amazon.com/Star-Wars-Phantom-Menace-Blu-ray/dp/B013JAFTS0/ref=sr_1_3?ie=UTF8&qid=1457370800&sr=8-3&keywords=the+phantom+menace

Bad joke put aside, I can agree on the Gungan City trip because it is naratively needed and it does add a few more minutes to the movie (but I like the very fast paced opening: not too fast, just fast enough). Your other suggestions change the nature of the improved characterization Hal has tried to achieve. Anakin is less dumb in this edit, and so are all the other characters. Restoring bad dialogues could slow the pace down a little bit as well as ruining what the faneditor is trying to do.