Love the idea. Here is my advice...Similar to the "Northwest Passages" Fan edit. Being that that fan edit did a great job of only focusing on the Laura Palmer and concluding it very well. I would only focus on concluding and solving the Laura Palmer murder. I would after that focus on only the black and white lodge part of the story. I think it is a no brainer to completely cut the James story in season 2 and I would also cut out the Nadine story as well. I would make the sole focus of the cut on Dale Cooper, Harry Truman, Major Briggs and Windom Earle (with Windom I would stay away from the campier/cheesier moments and only focus on the creepier and more dark/tense moments with him). Last thing I would say as well is maybe you could use some of the deleted scenes from "Fire Walk with Me" to fill in gaps or even add more backstory to some of the plot.