For Generations, I would've made it far less of a crossover. TNG had already proven they could stand on their own two feet (having been hugely successful for seven years already) and already had a passing of the baton (McCoy in "Encounter..." and Spock in "Unification"), so they didn't really need to waste a film with it.
Ok, maybe they could've had an opener on the E-B encountering the Lakul trapped in the Nexus and have a daring mission to rescue them. Perhaps even interspace it with scenes of Soran and Guinan in their moments of perfect happiness, so the audience knows just what he was being ripped away from and why he wants to get back (I can imagine the moment when he feels the transporter beam that his Nexus illusion becomes more like reality, with the Borg appearing and taking his family from him as he dematerialises). This would set up Soran as a far more sympathetic antagonist, as well as the first ship continuing the good name of Enterprise (with a Captain who isn't written as a moron to make Kirk look better).
I would've missed out the sailing ship as well, have a promotion ceremony and shindig for Worf in Ten Forward, all in dress uniform for the big moment, get a live band on, etc. Show the crew relaxed and informal, before Picard gets his heart-breaking news and leaves. Just before the call comes in from the bridge about Amargosa, have Guinan pause by the viewport and look out, frowning. I would also give the E-D a little action scene as they arrive at the observatory, engaging a small Romulan ship (definitely not a Warbird), before an away team is beamed over to search for survivors.
With no Kirk, then the Nexus scenes wouldn't totally stall the pace, whilst the future of the Veridian System and the crew of the Enterprise falls completely onto Picard's shoulders. Seeing how his first attempt to get through to Soran and stop him failed, Picard can then alter what he does, perhaps even make his heart-felt plea get through to Soran--who then chooses to sacrifice himself instead of become a monster.
In the end, as the crew are sorting through the wreckage, I'd have Data find Geordi instead of Spot (as Brent Spiner, who hates cats, suggested), a little tongue-in-cheek joke from Troi about crashing the ship with one of the others (Riker or Worf) offering her something positive from the experience, Crusher helping Picard in the ready room, before they and a couple others assemble in the bridge to be beamed out.
Just some initial thoughts.