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Interesting... but for the love of God, why would you use anything from George Lucas' prequel movies? You'd be much better off making your re-write with completely original ideas. I don't think there is anything worth salvaging from the prequel trilogy that George Lucas has given us so far.
I disagree! While the PT films for the most part are completely inept, Episode I, I still contend has some very good ideas and characters in it. The problem was that Episode I was a good idea, executed horribly.
1. Watto is still an intriguing character in Ep. 1 at least in concept he is. Forget about the visuals of the character but about the concept. The slave owner of the boy who would become Darth Vader. There's loads of potential in that concept. Imagine who much anger, injustice and ambivalence their must be between Anakin and Watto. Hell, Watto's ownership alone would be enough of a reason for Anakin's trip to the darkside.
2. Only my episode 1 follows Lucas model with several changes. My episode 2 is completetly different. Episode 2 has about only two good scenes in it, the rest is complete trash.