My one request: edit Jar Jar Binks out of all of the sequences on Tatooine. With his high-pitched voice, his constant clumsiness, and his cartoonish face in almost every shot, it is difficult to enjoy the movie.
It may or may not be possible, but it would make the movie a thousand times better.
Also, I like the chosen one prophesy, and I have a feeling it will be referenced in Episode VIII. Luke may have traveled to the first Jedi temple in order to research the prophesy. Additionally, the Jedi Order is a religious order with mystical powers, and a belief in prophesy is consistent with that. So I would not cut the prophesy, especially since it is likely to be referenced in future Star Wars films.
See Smithers’ edit for that, Sheepish’s goal here is to redub Jar Jar and make him into an important character.