Too early to say right now. I'm hoping no more than a couple months. I'm kept pretty busy between work and my 1 1/2 year old daughter, but I've gotten through about 45 minutes of hopefully finished video.
I'm not doing anything too wild on the sound side: I'm not replacing much for music or anything (although since I'm doing my editing at night when the daughter's sleeping, the volume is kept kinda low on the puter so I'll need to sit down and watch the rough cut with the sound cranked to make sure there are no jarring audio jumps during any cuts)
Right now I have about 27 min of ANH (which I may need to trim a bit more if this gets too long) which then transitions into a flashback of TPM: I'm about halfway through TPM and have it cut down to around 20 min.
So far the opening crawl is gone (I could leave the one from ANH intact, but I really don't think it's necessary as all the story is explained within the films,) the trip to Otoh Gunga and the podrace are cut from TPM, along with most of Jar-Jar's antics (bet no one saw THAT coming.) I really do like TPM as a whole, but these parts just weren't important. I'll leave Anakin's involvement in the final battle of TPM intact to show that the force is truly with him and that he was already a great pilot (however he will not be saying "oops" - in my cut he knows what he's doing), but the Gungan involvement will be gone. It will be a battle in the city, and the pilots go to take out the Nemoidian ship. Also, Anakin is not a slave. He works in Watto's shop, and when the Jedi come to Tatooine they just happen to stop there, Anakin offers them shelter from the storm and, feeling his strength in the force, offer him a place among the Jedi. I wanted to cut either the podrace or the space battle at the end, and it seems to me the podrace is less important and it will be easier to remove.
I'm not sure exactly what from other movies will be cut yet, but I've made up my mind on the Death Star battle.
I want to post a clip soon showing the first part of the TPM flashback and its transition from ANH. I just need to convert and upload it.