As to the original topic, I'm with everyone who says that — given access to every frame of the PT ever filmed, every line recorded — the PT could be reconstituted into much better movies. They probably wouldn't make much more internal sense; but since only fans would be watching this time, the audience would be able to fill in the gaps.
You could make the PT into, I'd say, two good movies (excising TPM completely because it tells us nothing we need to know). But nothing could turn them into Star Wars movies. The OT took place on the fringes of the galaxy, the "wild west" of the Empire. You never see what happens within the Empire's civilized core because it would have been too hard to film using practical effects. That limitation made the movies seem more real, more connected to our world. You can't get that kind of connection in a setting as busy and distracting as the PT's.