It's not a huge edit.
Episode one would require removing certain parts of the podrace sequence, some shots on Coruscant, etc.
And Episode two would only really require a few lines and shots taken out.
It's really not a huge undertaking, but it might be a good idea for huge Star Wars fans. Just to have the "original" version of the prequels too.
Feel free to flame.
Well done. I will disengage self-destruct initiative.