This is kind of similar to what you are saying caveat.
Topher Grace did a cut of all three films into 1 85 minute version and cut out all of phantom menace except for the final scene where Qui Gon dies. After thinking about it I really do think that would have been a perfect start to episode 1. No need to even show Anakin, just have Qui Gon die and ask for Obi Wan to train him. I also like how the cut ends with Darth's helmet being lowered on.