I liked it as an alternate glimpse. The BOBW would include a careful edit of both versions. The only problem Lester's version had was that it went from deadly serious to very silly camp. I would also at least look at some scenes cut but used for TV broadcasts, like the PZers killing that kid from a distance. But it would prolly look even worse than the cellophane S.
But keep the workable humor. I mean, was the movie irreprably harmed by 'Excuse me, General....' ?
I agree with you on almost every point. I am surprised that no one has done a Phantom Edit style cut from the available versions. I would love to see the two films reworked exactly like you are suggesting.